StepStone Angels

StepStone Angels draws on StepStone Group's existing relationships with hundreds of venture capital firms and general partners worldwide. The group also performs proprietary sourcing through its own team, targeting technology companies at seed through growth stages. Sourcing is supplemented by StepStone's larger platform, which monitors private markets broadly.

StepStone Angels functions as an investment program or service offering within StepStone Group, not as a stand-alone registered fund. Clients of StepStone's advisory services can allocate capital to early-stage direct deals through this channel, similar to a separate account or co-investment vehicle.

The investor base includes pension funds, insurance companies, endowments, foundations, and family offices that already have relationships with StepStone Group. These institutions typically lack the internal team or deal flow to source venture-stage direct investments independently. StepStone Angels provides them a curated pathway to access this asset class.

Fee structures are not publicly disclosed for StepStone Angels. As part of StepStone Group's broader advisory business, it is likely that clients pay management fees on capital allocated to the program, and the group may earn performance-based carry on realized gains. Specific terms are negotiated with each client.

Check sizes are not publicly disclosed. Given the program's institutional focus, investments are likely sized at a level meaningful for institutional portfolios, typically ranging from $500,000 to $10 million per deal, co-invested alongside lead venture capital firms.