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

(00:24:46) - Operational Alpha in driving StepStone forward

(00:26:42) - Flexibility and efficiency at scale

(00:29:13) - What are you building toward over the next 5 years?

(00:30:55) - Building vs. buying software tools

(00:32:55) - What’s something you’ve gotten wrong in your technology roadmap?

(00:34:04) - How do you think about AI?

(00:40:44) - The permission to innovate and the permission to fail

(00:43:41) - How are you embracing the structural changes in the market?

(00:50:44) - How do you think about the measurements of success in your organization?

(00:52:28) - Delivering Service Alpha

(00:56:15) - Leadership philosophies