StepStone Extends Private Markets Reach via Utmost Partnership
Event summary
- StepStone Group is partnering with Utmost, a UK-based insurance-based wealth solutions provider.
- The partnership grants Utmost’s clients access to StepStone’s suite of private markets strategies (Private Equity, Venture Capital, Private Credit, Private Infrastructure).
- StepStone’s private wealth business has tripled its AUM in the past fifteen months.
- Utmost manages £107.1 billion in assets under administration as of June 30, 2025.
- As of December 31, 2025, StepStone managed approximately $811 billion in total capital, including $220 billion of assets under management.
The big picture
This partnership reflects the growing demand for private market exposure among UK wealth managers, particularly within insurance-linked products. StepStone’s expansion into Utmost’s distribution network provides access to a significant pool of capital and aligns with broader trends of increasing allocations to alternative assets. The longer-term investment horizons of Utmost’s unit-linked policies are well-suited to StepStone’s evergreen fund model, suggesting a strategic fit beyond a simple distribution deal.
What we're watching
- Distribution
- The success of this partnership hinges on Utmost’s ability to effectively distribute StepStone’s strategies to its client base, and whether this will meaningfully expand StepStone’s reach beyond its existing channels.
- Regulatory Scrutiny
- Increased allocation to private markets within insurance-based wealth solutions may draw regulatory attention, particularly concerning liquidity and transparency requirements.
- AUM Momentum
- StepStone’s rapid AUM growth in private wealth needs to be sustained; the partnership with Utmost represents a key test of its ability to continue attracting and retaining assets.
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