From Complexity to Clarity: Scaling Operational Models in Private Markets - Jason Ment - President & Co-COO of StepStone Group

May 30, 2025

In this engaging conversation, Jason Ment, President and Co-COO of StepStone Group, shares his insightful journey from General Counsel to a leadership role in private markets. He discusses how StepStone successfully scaled from 35 to over 1,100 employees while fostering a culture of trust. Key topics include the significance of operational alpha, the impact of AI and custom software on client outcomes, and the importance of mentorship for emerging leaders. Jason highlights the need for tailored client solutions and effective communication as vital components of a thriving investment business.

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INSIGHT

Change Management Requires Repetition

Change management at scale requires persistent communication and repetition.
By the time changes occur, everyone should be so familiar that they say, "so what?"

ANECDOTE

Legal to Operational Leadership Journey

Jason Ment transitioned from General Counsel to COO through involvement with acquisitions.
His M&A background helped integrate acquired teams into StepStone's culture.

ADVICE

Embrace Curiosity To Evolve

Be curious and open to new experiences to evolve professionally.
Volunteer to do more, but excel at your day job to gain trust for new responsibilities.

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In this episode of The Distribution, host Brandon Sedloff sits down with Jason Ment, President and Co-Chief Operating Officer of StepStone Group, to explore the scale and complexity of operational leadership inside one of the world's most dynamic private markets investment platforms. Jason shares how he transitioned from General Counsel into firmwide operations, and how StepStone has grown from 35 people to more than 1,100 globally while maintaining a culture of accountability, trust, and execution.

They unpack what operational alpha means at the portfolio level, how StepStone approaches customized client solutions, and why transparency and leadership development are central to building a durable investment business.

They also discuss:

* Managing 700+ non-investment professionals across 27 global offices

* Creating scalable communication systems and decision-making infrastructure

* How acquisitions, integration, and cultural alignment shaped StepStone’s evolution

* The role of custom software, AI, and data strategy in delivering client outcomes

* Adapting to new product structures for private wealth, defined contribution, and insurance

* How StepStone empowers emerging leaders through sponsorship and strategic projects

* The firm’s view on operational and service alpha as core to long-term client retention

This episode is a comprehensive look at what it takes to scale operations in private markets while staying mission-driven—and how great leadership begins with curiosity, trust, and clarity.

Links:

StepStone Group - https://www.stepstonegroup.com/

Jason on LinkedIn - https://www.linkedin.com/in/jason-ment-5068b213/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:02:36) - Jason’s background and career

(00:11:07) - Advice for folks wanting to do “more” within their role at work

(00:12:48) - The evolution of StepStone Group

(00:18:32) - How do you think about your role in the context of Operational Alpha?

(00:20:59) - Scaling information access