StepStone Group LP

Key Holdings

The composition of the portfolio is dominated by one massive "conviction" position:

• StubHub Holdings Inc ($127.35M - 74.60%): This is the defining characteristic of the Q3 filing. The purchase of 7.56 million shares represents a massive capital deployment. Given that StubHub is a ticketing platform, this position likely reflects a bet on the recovery or growth of the live events and entertainment sector, or potentially a specific situation involving a spin-off, IPO, or direct listing that StepStone participated in.
• UiPath Inc. - PATH ($17.21M - 10.08%): As the second-largest holding and a recognized Technology name, UiPath provides exposure to the enterprise automation and artificial intelligence space. This position serves as the primary "growth" anchor in the public technology markets.
• DraftKings Inc. - DKNG ($6.02M - 3.53%): Despite being a top-three holding, this position was reduced by 25% during the quarter. It maintains exposure to the online sports betting and iGaming market but at a diminished capital commitment.
• Biotechnology Cluster: The portfolio holds a significant cluster of smaller-cap biotech positions (Phantom Pharmaceuticals, Entrada Therapeutics, Onkure Therapeutics, Tenaya Therapeutics). While individually small (ranging from 0.44% to 2.91%), collectively they represent a tactical allocation to high-risk/high-reward clinical-stage healthcare assets.