7 Includes asset management investments. 8 Private Debt includes 797 investments totaling $42.1 billion of capital commitments and excludes (i) all client-directed debt investments (32 investments, totaling $2.5 billion of capital commitments), (ii) real estate credit investments that were recommended by Courtland Partners, Ltd. prior to the Courtland acquisition (54 investments totaling $5.2 billion of capital commitments), and (iii) investments for which StepStone does not provide monitoring and reporting ...