Steven Mitchell
About Steven R. Mitchell
Steven R. Mitchell (age 55) is a director of StepStone Group Inc., serving on the board since September 2020; he previously served as a director of the StepStone Partnership since its founding in January 2007. He is Chief Executive Officer of Argonaut Private Capital, L.P. (since July 2016) and previously was Managing Director of Argonaut Private Equity, LLC (2004–2016); earlier, he was a corporate attorney at Gibson, Dunn & Crutcher LLP (1996–1999). He holds a BBA from Baylor University and a JD from the University of San Diego School of Law. His public board experience includes Aspen Aerogels, Inc. (NYSE) and Alkami Technology, Inc. (Nasdaq).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Argonaut Private Capital, L.P. | Chief Executive Officer | Jul 2016–present | Leads private equity investment platform; STEP-related transactions disclosed below |
| Argonaut Private Equity, LLC | Managing Director | Nov 2004–Jul 2016 | Senior investment leadership |
| Radical Incubation | Principal | Prior to Argonaut | Private investments |
| 2929 Entertainment, LLC | Principal | Prior to Argonaut | Media investments |
| Gibson, Dunn & Crutcher LLP | Corporate Attorney | 1996–1999 | Corporate transactions, governance |
External Roles
| Company | Role | Exchange | Notes |
|---|---|---|---|
| Aspen Aerogels, Inc. | Director | NYSE | Current public company directorship |
| Alkami Technology, Inc. | Director | Nasdaq | Current public company directorship |
Board Governance
- Board and committees met frequently in fiscal 2025: Board (7), Audit (4), Compensation (4), Nominating & Corporate Governance (3). Each incumbent director attended at least 75% of the meetings of the board and committees on which they served.
- Committee assignments: Current rosters list Audit (Brown, Hoffmeister [Chair], Raymond), Compensation (Brem [Chair], Hart), and Nominating & Corporate Governance (Brem, Hart). Mr. Mitchell is not listed on any of these committees.
- Independence: The board affirmatively determined Valerie G. Brown, David F. Hoffmeister, and Anne L. Raymond are “independent” under Nasdaq and Rule 10A‑3; Mr. Mitchell is not identified as independent in the proxy.
- Executive sessions: Independent directors hold executive sessions at least quarterly, chaired by an independent director selected by the independent directors.
Fixed Compensation
| Component | FY2025 Amount |
|---|---|
| Annual cash retainer | $0 (not eligible under director compensation program) |
| Committee chair/member fees | $0 (not eligible) |
| Meeting fees | $0 (not eligible) |
Mr. Mitchell “is not eligible for compensation under our director compensation program and did not receive any compensation from us during fiscal 2025.”
Performance Compensation
| Award Type | FY2025 Grant Date | Quantity | Grant-Date Fair Value | Vesting Details |
|---|---|---|---|---|
| RSUs/PSUs | None (not eligible) | — | — | — |
| Options | None | — | — | — |
Other Directorships & Interlocks
| Relationship | Entity | Nature | Quantitative Detail |
|---|---|---|---|
| Director | Aspen Aerogels, Inc. | Public company board | Current service disclosed |
| Director | Alkami Technology, Inc. | Public company board | Current service disclosed |
| Controlling stockholder/IC member | Argonaut Private Capital, L.P. | Private equity manager to funds | Accounts advised by StepStone paid Argonaut $804,914 in management fees since Apr 1, 2024; Mr. Mitchell benefitted in his capacity as controlling stockholder. |
Expertise & Qualifications
- Private markets investor and CEO of a private equity firm; prior corporate attorney—brings investment oversight, transaction, and governance expertise to the board.
- Education: BBA (Baylor); JD (University of San Diego School of Law).
Equity Ownership
| As of June 30, 2025 | Class A Shares | % of Class A | Class B Shares | % of Class B | Total Voting Power |
|---|---|---|---|---|---|
| Steven R. Mitchell | — | — | — | — | — (not reported) |
Beneficial ownership table computed on 78,552,912 Class A and 39,504,186 Class B shares outstanding as of June 30, 2025; Mr. Mitchell had no beneficial ownership reported.
Related-Party Exposure (Conflicts)
| Period | Transaction | Counterparty | Amount/Terms | Benefit/Notes |
|---|---|---|---|---|
| Since Apr 1, 2024 | Management fees paid by accounts advised by StepStone to Argonaut Private Capital, L.P. | Argonaut Private Capital, L.P. | $804,914 aggregate fees | Mr. Mitchell benefitted as controlling stockholder of Argonaut. No additional capital commitments by StepStone-managed/advised accounts in Argonaut funds since Apr 1, 2024. |
| Apr 1, 2024–Apr 30, 2025 | Distributions from StepStone Funds to Mr. Mitchell (personal investment) | StepStone Funds | $333,703 distributions | Indicates personal capital invested alongside clients. |
- Red flag: Ongoing fee flow from StepStone-advised accounts to a firm controlled by Mr. Mitchell presents a related-party optics risk and potential conflict; the Audit Committee monitors related person transactions per governance framework.
Governance Assessment
- Strengths: Experienced private markets investor with public board exposure; attended at least 75% of applicable meetings; board holds regular independent executive sessions.
- Risks/Red Flags: Not designated as an “independent” director in the proxy; no reported StepStone equity ownership as of June 30, 2025; related-party fees ($804,914) paid to Argonaut funds benefitting Mr. Mitchell during the period—elevated perception of conflicts, mitigated in process by Audit Committee oversight of related-party transactions.