Jason Ment
About Jason Ment
Jason P. Ment, 47, is President and Co-Chief Operating Officer at StepStone Group, serving in this role since November 2019; he joined StepStone in October 2010 as Partner, General Counsel and Chief Compliance Officer, added Co-COO in July 2018, and became Partner, President and Co-COO in May 2019. He holds a BS from Cornell University and a JD from NYU School of Law, with prior senior legal roles at Citigroup Private Equity, Metalmark Capital, and Citi Sustainable Development Investments, and earlier M&A associate roles at O’Melveny & Myers and McDermott Will & Emery . Company performance context: revenues increased over FY 2023–FY 2025 while EBITDA turned negative in FY 2025 due to firm-level dynamics; see Performance Metrics table below for figures (S&P Global). The proxy emphasizes a performance-based pay culture tying executive outcomes to equity ownership, carried interest, evergreen fund units, and firm financial/strategic priorities .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Citigroup Private Equity | General Counsel | 2007–2010 | Oversight of $10B co-investment, mezzanine, and fund-of-funds platform |
| Metalmark Capital | General Counsel | 2009–2010 | Middle-market PE legal leadership |
| Citi Sustainable Development Investments | General Counsel | 2008–2010 | Clean tech and renewables venture investment legal leadership |
| O’Melveny & Myers LLP | Associate, M&A/Private Equity Group | 2005–2007 | Deal execution and private equity transactions |
| McDermott Will & Emery LLP | Associate, M&A Group | 2002–2005 | Corporate M&A transactions |
External Roles
No external public-company directorships or committee roles are mentioned in the proxy biography for Mr. Ment .
Performance Metrics (Company context)
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenues ($USD) | 506,842,000* | 610,479,000* | 799,289,000* |
| EBITDA ($USD) | 56,307,000* | 236,559,000* | -205,230,000* |
Values retrieved from S&P Global.*
Fixed Compensation
| Year | Base Salary ($) | Perquisites/Other ($) | Notes |
|---|---|---|---|
| FY 2025 | $500,000 | $2,243,262 (incl. carried interest/incentive fee cash $2,188,590; insurance $5,356; 401(k) contribution $8,698; self-employment tax make‑whole $40,619) | Base salaries for all NEOs set at $500,000; perquisites limited; no excessive perqs >$10,000 |
| FY 2024 | $450,000 | $490,237 | |
| FY 2023 | $294,231 | $1,364,105 |
Performance Compensation
| Component | Metric Basis | Target | Actual Payout ($) | Equity Form & Vesting |
|---|---|---|---|---|
| Annual Cash Bonus (FY 2025) | Committee approval based on StepStone performance and individual performance (holistic; CEO metrics include FEAUM, fees, FRE, FRE margin, ANI/share, team/culture, client management, strategic priorities) | Not disclosed | $617,500 | N/A |
| RSUs tied to FY 2025 bonus | Same basis; part of bonus delivered as equity | Not disclosed | $386,000 (value allocated from bonus) | RSUs granted 3/14/2025; vest in four equal annual installments on 2/14 of 2026, 2027, 2028, 2029 |
| Evergreen Fund Units tied to FY 2025 bonus | Same basis; part of bonus delivered as Evergreen units | Not disclosed | $96,500 (value allocated from bonus) | Granted 3/14/2025; vest in four equal annual installments on 2/14 of 2026–2029 |
Additional equity grant details:
- FY 2025 RSUs: 7,192 units granted on 3/14/2025 (grant-date fair value $385,995 at $53.67/share); vest 2/14 annually 2026–2029 .
- Equity award timing: shifted to March grant dates to align with fiscal year; no stock options granted to NEOs in FY 2025 .
Equity Ownership & Alignment
| Beneficial Ownership (as of 6/30/2025) | Class A Shares | Class B Shares | Class B % | Total Voting Power % |
|---|---|---|---|---|
| Jason P. Ment | 8,330 | 1,128,249 | 2.9% | 2.0% |
| Outstanding Unvested RSUs (as of 3/31/2025) | Grant Date | Units | Market Value ($) |
|---|---|---|---|
| RSUs | 3/14/2025 | 7,192 | $375,638 (at $52.23) |
| RSUs | 2/14/2024 | 10,277 | $536,768 |
| RSUs | 2/14/2023 | 6,903 | $360,544 |
| RSUs | 2/14/2022 | 1,453 | $75,890 |
| FY 2025 Vesting Activity | Type | Shares Acquired on Vesting | Value Realized ($) |
|---|---|---|---|
| RSUs | RSUs | 24,952 | $1,379,704 |
| Class B2 units (reclassified at IPO) | Units | 20,183 | $866,658 |
Alignment policies and practices:
- Hedging and pledging prohibited for NEOs and controlled entities .
- Long-term alignment via RSUs, Evergreen Fund Units (SPRIM), and carried interest awards; carried interest distributions reflected in “All Other Compensation” .
Employment Terms
| Item | Provision | Key Details |
|---|---|---|
| Employment/Severance Agreements | None for Jason Ment | Company states no employment, severance or change-in-control arrangements for NEOs other than CFO David Park |
| RSU/Evergreen Fund Units – Termination/CoC | Death/Disability: full vest; Retirement: continue vesting; CoC + qualifying termination within 13 months: full vest | Definitions of Cause, Change in Control, Good Reason specified in award agreements |
| Quantified Potential Payments (as of 3/31/2025) | Death or Disability | RSUs: $1,348,840; Evergreen Fund Units: $96,511 |
| Quantified Potential Payments (as of 3/31/2025) | Qualifying Termination in Connection with a Change in Control | RSUs: $1,348,840; Evergreen Fund Units: $96,511 |
| Carried Interest Awards | Vesting on death/disability; continue vesting upon Retirement (subject to non-compete/non-solicit); 50% forfeiture for termination for Cause | Awards post-April 2020 vest over 5 years; earlier awards over 8 years |
| Clawback Policy | Compliant with Nasdaq Listing Rule 5608 / SEC Rule 10D-1 | Recover excess incentive-based compensation over prior three fiscal years upon accounting restatement |
Governance and control context:
- Controlled company status through Sept 18, 2025 due to Class B multi-vote; “Sunset” triggers reduce Class B votes; expected transition from controlled status in Sept 2025 .
- Class B Committee includes Jason Ment; Stockholders Agreement expires Sept 18, 2025 .
Compensation Structure Analysis
- Pay mix shift in FY 2025: cash bonus declined year-over-year ($1,017,500 → $617,500), RSU grant value decreased ($482,483 → $385,995), while “All Other Compensation” rose sharply due to carried interest/incentive fee cash distributions ($2,188,590 for Ment), reinforcing linkage to fund performance and client-aligned economics .
- Equity delivery from bonus: bonus structured across cash, RSUs, and Evergreen Fund Units (SPRIM), with standardized four-year vesting to enhance retention and long-term alignment .
- No stock options and no repricing: NEOs had no outstanding options and none granted in FY 2025, reducing dilution and eliminating repricing risk .
- Say-on-pay support: ~99% approval at 2024 annual meeting signals strong investor endorsement of pay practices; committee used market data from Johnson Associates but no dedicated consultant engagement for fiscal 2025 .
Investment Implications
- Alignment levers: Significant carried interest cash distributions to Ment and continued vesting mechanics (including CoC acceleration) tie realized pay to fund outcomes and firm performance, but can introduce variability and meaningful realized cash outside GAAP equity comp lines .
- Retention and supply overhang: Multi-year RSU and Evergreen vesting through 2029 plus continued vesting on Retirement (and full vesting upon death/disability/CoC terminations) reduce voluntary attrition risk; recurring annual vest events may create periodic insider selling pressure subject to trading windows and policies .
- Control transition: Expiration of the Stockholders Agreement and Sunset in September 2025 may alter governance dynamics and compensation oversight (committee composition, independence), potentially shifting incentive structures over time .
- Performance backdrop: Revenues grew FY 2023–FY 2025 while EBITDA turned negative in FY 2025, suggesting caution on profitability trajectory even as fee-related and investment economics support executive incentive mechanisms (S&P Global).*
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