StepStone Group Inc. (STEP) shares surged 8.45% in pre-market trading on Friday, following the private market investment firm's impressive fiscal fourth-quarter results. The company reported a substantial increase in its assets under management, signaling strong growth and investor confidence.

According to the latest financial report, StepStone's assets under management climbed to $189.4 billion in the fiscal fourth quarter, representing a significant jump from $156.6 billion in the same period last year. This 20.9% year-over-year increase in managed assets has caught the attention of investors, driving the stock's pre-market rally.

The surge in StepStone's stock price comes amid a mixed pre-market session for other companies reporting earnings. While some firms like Intuit saw gains on positive forecasts, others such as Workday and Ross Stores faced downward pressure due to economic uncertainties and tariff concerns. StepStone's strong performance stands out, suggesting that the private markets investment sector may be showing resilience in the face of broader economic challenges.