David Park
About David Park
David Y. Park, 52, is StepStone Group’s Chief Financial Officer since January 2024 after serving as Chief Accounting Officer since November 2019; he previously led corporate accounting, policy and reporting at Oaktree Capital Management and held senior accounting roles at Jacuzzi Group Worldwide and ViewSonic, starting his career at PricewaterhouseCoopers. He holds a B.A. in Economics from UC Irvine, a Master of Accounting from USC, and is a California CPA . Company performance context under his finance leadership includes FY2025 total shareholder return since IPO equating to $231.39 on a $100 initial investment, Fee-Related Earnings (FRE) of $312,204k, and GAAP net loss of $172,827k; FY2024 values were $155.14 TSR, $189,793k FRE, and $167,820k net income .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| StepStone Group Inc. | Chief Accounting Officer | Nov 2019–Jan 2024 | Built public-company reporting and controls; prepared finance function for CFO transition |
| Oaktree Capital Management, L.P. | Head of corporate accounting, policy & reporting | 2012–2019 | Led complex alternative asset manager accounting and policy framework |
| Jacuzzi Group Worldwide | Senior accounting/financial reporting roles | Not disclosed | Corporate reporting and accounting leadership |
| ViewSonic Corporation | Senior accounting/financial reporting roles | Not disclosed | Corporate reporting and accounting leadership |
| PricewaterhouseCoopers | Assurance & business advisory | Not disclosed | External audit foundation in assurance |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | Not disclosed | — | No public company directorships disclosed for Park |
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | $450,000 | $500,000 |
| Insurance Premiums ($) | $11,905 | $7,723 |
| 401(k) Company Contributions ($) | $10,350 | $10,350 |
Notes:
- Clawback: Company maintains a policy compliant with Nasdaq Listing Rule 5608/SEC Rule 10D-1 to recover excess incentive-based compensation upon required restatements over the prior three fiscal years .
- Hedging/Pledging: Company policy prohibits directors/officers and certain personnel (and their controlled entities) from hedging or pledging StepStone securities, reducing misalignment/pledging risk .
Performance Compensation
Annual Incentive and Equity Mix (FY 2025)
| Component | Amount ($) | Notes |
|---|---|---|
| Cash Bonus | $449,500 | Approved by Compensation Committee based on company and individual performance |
| RSUs (equity portion of bonus) | $296,400 | Granted 3/14/2025; vests 25% on 2/14/2026–2029 |
| Evergreen Fund Units (SPRIM) | $74,100 | Granted 3/14/2025; vests 25% on 2/14/2026–2029; value reported upon vesting (non-ASC 718) |
RSU Grants and Vesting
| Grant Date | Shares (#) | Grant-Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|
| 3/14/2025 | 5,523 | $296,419 | 25% on 2/14/2026–2029 |
| 2/14/2024 | 5,591 | — | 25% on 2/14/2025–2028 |
| 2/14/2023 | 3,883 | — | 25% on 2/14/2024–2027 |
| 2/14/2022 | 1,453 | — | 25% on 2/14/2023–2026 |
Evergreen Fund Units (SPRIM) Granted FY 2025
| Grant Date | Units (#) | Vesting Schedule |
|---|---|---|
| 3/14/2025 | 1,335 | 25% on 2/14/2026–2029 |
Realized Vesting FY 2025
| Award Type | Shares/Units Vested (#) | Value Realized ($) |
|---|---|---|
| RSUs | 13,083 | $719,320 |
Summary Compensation (Total)
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Bonus ($) | $550,000 | $449,500 |
| Stock Awards ($) | $262,491 | $296,419 |
| All Other Compensation ($) | $11,905 | $24,691 |
| Total ($) | $1,274,396 | $1,270,610 |
All Other Compensation (FY 2025) breakdown:
- Carried interest & incentive fee cash payments: $6,617
- Insurance premiums: $7,723
- 401(k) company contributions: $10,350
Performance Metrics used by Comp Committee for FY 2025 bonuses include FRE, FRE margin, FEAUM, adjusted net income per share, client relationship management, and team/culture management; weightings/targets for Park not disclosed .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Class A Shares Owned | 6,570 |
| Class B Shares Owned | 0 |
| Ownership % of Class A | Less than 1% |
| Outstanding Unvested RSUs (3/31/2025) | 5,523 (2025 grant, $288,466 MV), 5,591 (2024, $292,018), 3,883 (2023, $202,809), 1,453 (2022, $75,890) |
| Options | None outstanding |
| Hedging/Pledging | Prohibited under Insider Trading Policy (directors/officers and certain personnel) |
| Ownership Guidelines | Not disclosed in proxy; general emphasis on equity ownership and carried interest alignment |
Share base reference (as of 6/30/2025): 78,552,912 Class A; 39,504,186 Class B shares outstanding .
Employment Terms
| Provision | Terms |
|---|---|
| Change-in-Control (CIC) Severance Agreement (executed 5/20/2025) | If terminated without Cause or resigns for Good Reason after a CIC: lump-sum cash equal to 2× (base salary + prior-year total bonus including cash and equity awards), 24 months company-paid group health continuation, and accelerated vesting of all unvested equity/equity-based awards, carried interest, and incentive fee plan awards; subject to release of claims . |
| RSU/Evergreen Treatment | Full vesting upon death/disability; continued vesting upon Retirement (age ≥50 with ≥15 years of service, not for Cause); CIC double-trigger vesting if termination without Cause or for Good Reason within 13 months post-CIC . |
| Carried Interest Treatment | Full vest on death/disability; continued vest upon Retirement subject to non-compete/non-solicit compliance; 50% forfeiture upon termination for Cause . |
| Clawback | Recovery of excess incentive-based compensation upon required restatement over prior 3 fiscal years . |
| Hedging/Pledging | Prohibited for directors/officers and specified personnel . |
Definitions: “Cause,” “Good Reason,” “Change in Control,” and “Retirement” as specified in award agreements and CIC terms .
Performance & Track Record (Company-level context)
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Value of $100 Investment (TSR) ($) | $101.29 | $155.14 | $231.39 |
| Peer Group TSR ($) (Dow Jones US Asset Managers Index) | $138.32 | $182.85 | $206.80 |
| Net Income ($000s) | $(45,275) | $167,820 | $(172,827) |
| Fee-Related Earnings (FRE) ($000s) | $156,158 | $189,793 | $312,204 |
Compensation Structure Analysis
- Shift in cash vs equity: FY2025 bonus cash declined vs FY2024 ($449.5k vs $550k) while RSU equity increased ($296.4k vs $262.5k), maintaining significant at-risk pay .
- Equity cadence and retention: All FY2025 RSUs/Evergreen units vest over four years (Feb 14, 2026–2029), promoting multi-year retention and alignment; no stock options granted in FY2025 .
- Shareholder support: Say-on-pay approval ~99% at 2024 annual meeting, signaling strong investor alignment with pay practices .
- Governance improvement: Transition away from controlled company status in Sept 2025 may further strengthen independent oversight of compensation over phase-in periods .
Risk Indicators & Red Flags
- Pledging/Hedging: Explicit prohibitions mitigate misalignment risk; no pledging reported .
- Tax gross-ups: No tax gross-up disclosed for Park in FY2025; all other comp reflects modest insurance/401(k) and small carried interest/incentive fee cash payments [$6,617] .
- Options repricing: No stock options outstanding or repricing for NEOs .
- TRA payments: Tax Receivable Agreement payments disclosed for certain insiders; no payments to Park listed in FY2025/FY2026 disclosures .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval ~99%; Compensation Committee utilized market data (Johnson Associates) to evaluate pay mix/structure; no consultant engaged by the Committee itself in FY2025 .
Investment Implications
- Multi-year vesting and CIC protections suggest low near-term retention risk; Park’s CIC agreement (2× salary+bonus and accelerated vesting) could create event-driven payout sensitivity in a strategic transaction .
- Equity-heavy incentives (RSUs/Evergreen) with hedging/pledging prohibitions align with shareholder returns; annual vest dates (Feb 14) can create predictable supply events from RSU settlements, a potential micro overhang around those dates .
- Ownership is modest (<1% Class A), but ongoing unvested RSUs and Evergreen units and carried interest participation maintain alignment; absence of options avoids repricing risk .
- Company pay-for-performance framework ties NEO outcomes to FRE/FRE margin/FEAUM and client/people metrics, supporting durable fee growth orientation; investors should monitor FRE momentum and TSR relative to peers as key comp-linked levers .