STEPSTONE GROUP REAL ASSETS LP

CRD 281695File 801-106844

APPROVED

Custody

Filing as of Jul 30, 2026

Feed vintage Aug 17, 2026

Regulatory AUM

$41.48B

Top 10% of cohort (national)

Discretionary AUM

$22.23B

Non-discretionary $19.25B

Clients

64 accounts

Employees

Top 10% of cohort in CA

Identity & registration

ADV Item 1

Organization form: Limited Partnership
Firm type: Registered
SEC region: LARO
Registration date: Nov 10, 2015
Principal office: 4225 EXECUTIVE SQUARE, SUITE 1600, LA JOLLA, CA, 92037
Phone: 858-558-9700
Website: https://www.stepstonepw.com/

Assets & accounts

ADV Item 5F

Total regulatory AUM: $41.48B
Discretionary AUM: $22.23B
Non-discretionary AUM: $19.25B
Discretionary accounts: 30
Non-discretionary accounts: 34
Total accounts: 64
AUM per client: $584.3M

Clients by type

ADV Item 5D

Client type	Clients	AUM
Insurance companies	Fewer than 5	Not reported
Investment companies	1	Not reported
Pooled investment vehicles	59	$34.93B
Pension and profit sharing plans	7	$4.27B
State or municipal government entities	Fewer than 5	$2.28B

Compensation & activities

ADV Items 5E, 5G

Compensation

Fixed fees
Performance-based fees
A percentage of assets under your management

Advisory activities

Selection of other advisers
Portfolio management for other
Portfolio management for businesses
Portfolio management for investment companies
Portfolio management for pooled investment vehicles

Custody

ADV Item 9

Firm Custody Cash: Yes
Firm Custody Assets: Yes
Firm Custody Clients: Yes
Firm Custody Securities: Yes
Related Person Custody Cash: No
Related Person Custody Assets: No
Related Person Custody Clients: No
Related Person Custody Securities: Yes

Disclosure events

ADV Item 11

This firm answered no to every Item 11 disclosure question in this filing.

Filed changes

Date	Field	From	To
Aug 12, 2026	Registration	—	APPROVED

Every value above is reproduced from this firm's Form ADV filing. Fields the firm left blank are shown as “Not reported” rather than filled in from other sources.