Anne Raymond
About Anne L. Raymond
Anne L. Raymond (age 67) has served as an independent director of StepStone Group Inc. since September 2020, bringing a 35-year career in real estate finance and investment management including prior CFO experience; the Board has affirmatively determined she is independent under Nasdaq rules and SEC Rule 10A-3 . She is designated an Audit Committee Financial Expert and serves on the Audit Committee, supporting financial reporting and internal controls oversight; she attended at least 75% of Board and relevant committee meetings in fiscal 2025 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Crow Holdings Capital | President (Registered Investment Advisor managing global investors in PE real estate funds); senior leadership at Crow Holdings | 2000–2017 | Served on firmwide investment committees; led capital management across private markets |
| Crow Family Holdings | Managing Director (owner of Trammell Crow Residential and Crow Holdings Industrial) | 2000–2017 | Oversight across operating companies in development/industrial/residential |
| Wyndham International, Inc. | Executive Vice President & Chief Financial Officer | 1995–1998 | Led initial public offering in 1996; capital markets execution |
External Roles
| Organization | Role | Term/Status | Notes |
|---|---|---|---|
| Crow Holdings | Director | Current | Private company board |
| Trammell Crow Residential Company | Director | Current | Private company board |
| DFW Teach For America | Director | Current | Non-profit board |
| Lone Star Big Brothers Big Sisters | Director | Current | Non-profit board |
| American Enterprise Institute | National Council member | Current | Advisory role |
| George W. Bush Presidential Center | Executive Advisory Council member | Current | Advisory role |
Board Governance
- Committee assignments: Audit Committee member alongside Valerie G. Brown and David F. Hoffmeister (Chair); all three are audit-committee-qualified independent directors and designated “audit committee financial experts” .
- Independence: Board affirmed independence of Anne L. Raymond under Nasdaq and SEC Rule 10A-3 .
- Attendance: In fiscal 2025 (year ended March 31, 2025), the Board met 7 times; Audit 4; Compensation 4; Nominating & Corporate Governance 3; all incumbent directors attended at least 75% of their meetings; 8 of 9 directors attended the 2024 Annual Meeting .
- Executive sessions: Independent directors hold executive sessions at least quarterly, chaired by an independent director selected by the independents .
- Committee transition: To comply with post-Sunset non-controlled status, committee memberships were approved to change effective September 18, 2025; table shows Raymond slated to continue committee service (Audit and Nominating & Corporate Governance) .
| Fiscal 2025 Meetings | Count |
|---|---|
| Board of Directors | 7 |
| Audit Committee | 4 |
| Compensation Committee | 4 |
| Nominating & Corporate Governance Committee | 3 |
Fixed Compensation
| Component | Fiscal 2025 Amount | Notes |
|---|---|---|
| Annual Director Retainer | $175,000 | Independent directors eligible; pro-rated for partial year; 50% paid in RSUs, remaining 50% paid in cash or RSUs at director election |
| Post-Annual Meeting Retainer (fiscal 2026 onward) | $200,000 | Increase effective after the Annual Meeting |
| Audit Committee Chair Retainer | $25,000 (Chair only) | 50% RSUs; remaining 50% cash or RSUs; Hoffmeister is Audit Chair |
| Fees Earned or Paid in Cash (Anne Raymond) | $0 | Elected to receive 100% of retainer in RSUs |
| Stock Awards (Grant-date fair value) | $174,995 | RSUs granted Sept 10, 2024; fair value per ASC 718 using StepStone Class A closing price of $50.93 |
| Unvested RSUs at 3/31/2025 | 3,436 | Grants vest based on service |
Performance Compensation
| Award Type | Grant Date | Shares/Units | Vesting Schedule | Performance Metrics |
|---|---|---|---|---|
| RSUs (Annual Director Grant) | Sep 10, 2024 | 3,436 | Vest in full upon continuous service through the earlier of 12 months post-grant or the next Annual Meeting | None disclosed for director grants; time-based vesting only |
| RSUs/Stock Award (Form 4 event) | Sep 9, 2025 | 3,281 | Time-based (director program); post-transaction holdings updated below | None disclosed; director program |
No options or performance share units (PSUs) for directors are disclosed; director equity is time-based RSUs under the program .
Other Directorships & Interlocks
| Company/Entity | Type | Potential Interlock/Exposure |
|---|---|---|
| Crow Holdings; Trammell Crow Residential | Private company boards | No specific StepStone-related transactions disclosed with these entities in proxy; no interlocks with public competitors/suppliers/customers identified . |
| StepStone Funds (personal capital commitment) | Investment by director | Director committed $500,000 to StepStone Funds between Apr 1, 2024 and Apr 30, 2025; similar opportunities offered to employees/partners/directors to align interests; distributions to Raymond not disclosed for the period (—) . |
Expertise & Qualifications
- Real estate and private markets investing: Senior leadership and investment committee roles at Crow Holdings and Crow Holdings Capital; deep private market investment acumen .
- Public company finance leadership: Former EVP & CFO of Wyndham International, led 1996 IPO .
- Audit oversight: Audit Committee Financial Expert designation .
- Education: BS, University of Missouri .
Equity Ownership
| As-of Date | Class A Shares | Class B Shares | % Ownership Notation | Notes |
|---|---|---|---|---|
| June 30, 2025 (beneficial ownership table) | 20,520 | — | “+” less than 1% | Beneficial ownership per SEC rules, includes rights exercisable/settling within 60 days . |
| Sep 10, 2025 (post-Form 4) | 27,237 (post-transaction) | — | n/a | After 3,281-share director award on Sep 9, 2025; direct ownership reported on Form 4 . |
| Unvested RSUs at 3/31/2025 | 3,436 | — | n/a | Director RSUs vest time-based; see vesting schedule . |
Insider Trades (Form 4)
| Filing Date | Transaction Date | Type | Shares | Price | Post-Transaction Ownership | Form 4 URL |
|---|---|---|---|---|---|---|
| Sep 10, 2025 | Sep 9, 2025 | A (Award) | 3,281 | $0.00 | 27,237 | https://www.sec.gov/Archives/edgar/data/1796022/000182257625000003/0001822576-25-000003-index.htm |
| Sep 11, 2024 | Sep 10, 2024 | A (Award) | 3,436 | $0.00 | 23,956 | https://www.sec.gov/Archives/edgar/data/1796022/000179602224000069/0001796022-24-000069-index.htm |
- Hedging and pledging: Insider Trading Policy prohibits hedging transactions (e.g., collars, swaps) and pledging StepStone securities as collateral; aligns director/shareholder interests by restricting risk-mitigation trades .
Governance Assessment
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Strengths:
- Independence and Audit Committee Financial Expert designation support robust oversight of financial reporting and controls .
- Consistent engagement with at least 75% attendance; Board and committee meeting cadence is regular (Board 7; Audit 4; Compensation 4; NCGC 3) .
- Compensation mix is equity-oriented (elected 100% RSUs), with time-based vesting promoting alignment and straightforward governance (no discretionary meeting fees disclosed) .
- Proactive governance transition: Committees reconfigured post-Sunset to comply with Nasdaq non-controlled requirements effective September 18, 2025 .
-
Watch items / potential conflicts:
- Related-party context: Director and other insiders are permitted to invest personal capital in StepStone Funds; Raymond committed $500,000 in the last period, which aligns interests but introduces recurring related-party disclosures; no distributions to Raymond were reported in that window .
- Controlled company status through September 18, 2025 influenced committee composition (e.g., historical non-fully independent Compensation Committee), though planned changes mitigate this risk post-Sunset .
- No evidence of hedging/pledging due to policy prohibition, reducing alignment risk .
Overall, Anne Raymond’s profile indicates solid board effectiveness, deep financial and private markets expertise, and strong alignment via equity-heavy director pay and no hedging/pledging; the main governance consideration is routine monitoring of related-party investments in firm-sponsored funds and the committee independence posture through the Sunset transition .