Moody's assigned a corporate family rating of Ba3 to StepStone Group LP.

The outlook is stable.

Moody's said the rating reflects the company's established position as a private markets intermediary with a global footprint. The rating also reflects high pro forma leverage of 3.2x, as calculated by Moody's.

The ratings agency noted that the stable outlook reflects its view that StepStone's management fees will continue to grow steadily and leverage will decrease moderately.