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- **Private Wealth Surge**: STPEX and SPRING drove $1.5B+ in new subscriptions, with 50%+ partners selling multiple products.
- **Strong Financials**: 34% YoY growth in core earnings, despite elevated G&A from travel and tech investments.
- **Execution Risks**: Cannibalization of existing products, but 70% of carry ready to harvest offsets near-term volatility.
- **Growth Catalysts**: Global office expansion, model portfolio integration, and daily-priced indices in development.

**【CEO Summary Section】**
- **Record Private Wealth Growth**: Q2 private wealth subscriptions reached $2.4 billion, driven by new products like STPEX ($700M+ in 30 days) and SPRING ($800M+).
- **Global Expansion**: New offices opened in Netherlands, Spain, South Korea, and Saudi Arabia; 50% of distribution partners now sell multiple Evergreen products.
- **Institutional Fundraising**: $3.8B in managed account inflows (12-month total $10B+), with 34% YoY growth in fee-related earnings.

**【CFO Financial Commentary】**
- **GAAP Net Loss**: $366M due to fair value adjustments, but core fee-related earnings up 34% YoY to $78M.
- **Expense Management**: G&A up $2M QoQ due to travel/IT, but 46% cash comp ratio maintained.
- **Performance Fees**: $65M gross, $34M net after compensation; SPRING incentive fee crystallization expected next quarter.

**【Q&A Highlights】**
- **STPEX Cannibalization**: 50% of SPRIM flows shifted to STPEX, but 70% of net accrued carry is ready to harvest.
- **Distribution Strategy**: 650+ partners sell 5 flagship products; 50% sell 2+ products, with 12-month AUM growth of 18%.
- **Market Trends**: Private markets facing slower exits, but narrowing bid-ask spreads suggest improving realizations.
- **Expense Outlook**: Elevated G&A in Q3 (StepStone 360 Conference) and Q4 (VC Conference) expected.


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