StepStone
US private-markets investment firm; investor in CuspAI's $450m Series B alongside new state-linked backers.
Last refreshed: 22 July 2026 · Appears in 1 active topic
Why is a private-markets giant investing alongside sovereign AI funds?
Timeline for StepStone
Mentioned in: State fund surfaces on CuspAI cap table
UK Startups and InnovationBackground
StepStone is named as an investor in CuspAI's $450m Series B, one of the backers whose presence emerged when the round's fuller cap table came to light on 20 July 2026.
StepStone is a US private-markets investment firm managing capital across private equity, infrastructure and real assets on behalf of institutional clients, investing both directly and through fund-of-funds structures.
Its stake in CuspAI reflects private-markets capital's growing appetite for AI infrastructure and materials-Science ventures, sitting alongside sovereign and state-linked investors in the same round.
