StepStone Group Inc. - STEP STOCK NEWS

StepStone Group Inc. (Nasdaq: STEP) has announced a definitive agreement to acquire Greenspring Associates, a leading venture capital and growth equity firm, with over $17 billion in assets under management. The acquisition, expected to close by the end of the year, will enhance StepStone’s private markets capabilities, increasing its venture capital and growth equity assets to approximately $22 billion. The combined teams will manage $60 billion in assets. This strategic move aims to provide clients with a broader array of private equity solutions.

StepStone Group Inc. (Nasdaq: STEP) has released its fourth quarter and fiscal year results for the period ending March 31, 2021. The firm declared a quarterly cash dividend of $0.07 per share for Class A common stock, payable on July 15, 2021, to shareholders of record as of June 30, 2021. As of March 31, 2021, StepStone managed approximately $427 billion in private markets allocations, with $86 billion in assets under management. The company caters to a diverse clientele, including public and private pension funds and high-net-worth individuals.

StepStone Group (Nasdaq: STEP) announces that Co-CEO Scott Hart and Head of Strategic Planning Mike McCabe will present at the Morgan Stanley US Financials, Payments, and CRE Conference on June 16, 2021, at 1:15 PM ET. Investors can access the live webcast and replay on the StepStone website. The firm oversees $333 billion in private market allocations, with $80 billion in assets under management, serving various clients including pension funds and private wealth clients. Their focus is on customized investment solutions across private equity, infrastructure, private debt, and real estate.

StepStone Group Inc. (Nasdaq: STEP) is set to announce its fourth quarter and fiscal year results on June 15, 2021, post-market closure. An earnings conference call will occur on the same day at 5:00 PM ET, with live access available through their website. A replay will be accessible for two weeks following the call. As of December 31, 2020, StepStone managed $333 billion in private market allocations, with $80 billion in assets under management, serving a diverse clientele including pension funds and wealthy individuals.

Conversus StepStone Private Markets (CPRIM) has reached $108 million in assets with a 36% share appreciation from October 1, 2020, to April 30, 2021, achieving an NAV of $33.99. The fund, designed for accredited investors, offers diversified exposure to private equity, real assets, and private debt. CPRIM's structure facilitates liquidity through quarterly tender offers and requires a minimum investment of $50,000. The strong performance is attributed to favorable portfolio liquidity events and strategic purchases during pricing dislocations in the pandemic.

StepStone Group Inc. (Nasdaq: STEP) announced the appointment of Valerie G. Brown to its Board of Directors, effective April 12, 2021, expanding the Board to 11 members. Ms. Brown, who has held significant leadership roles in financial services, was previously Executive Chairman at Advisor Group and CEO of Cetera Financial Group. Chairman Monte Brem expressed confidence that her diverse experience will enhance StepStone's strategy as it targets high-net-worth investors. Brown emphasized her commitment to supporting the company’s growth and shareholder value.

StepStone Real Estate has appointed Frank Forster as a Managing Director to enhance its secondary, recapitalization, and co-investment activities in Europe. Forster, based in London, brings over 20 years of experience from firms like EQT Real Estate and Blackstone. His appointment is part of SRE's strategy to deploy its substantial capital with leading European real estate managers. The firm recently expanded its investment team to 45 professionals and plans to hire more junior and mid-level staff.

StepStone Group has successfully closed a secondary offering of 9,200,000 shares of its Class A common stock, including 1,200,000 additional shares purchased by underwriters, at a price of $29.50 per share. With this closure, 38,437,500 shares of StepStone’s Class A common stock are now outstanding. The offering was managed by J.P. Morgan, Goldman Sachs, and Morgan Stanley. This announcement follows the effective registration statement by the U.S. Securities and Exchange Commission for these securities.

StepStone Group announced a secondary offering of 8,000,000 shares of its Class A common stock at a price of $29.50 per share, with an additional 1,200,000 shares available through an underwriters' option. The Selling Stockholders will receive all proceeds from the Offering, while StepStone will not partake or gain any earnings. The Offering is set to close on March 23, 2021. J.P. Morgan, Goldman Sachs, and Morgan Stanley are the joint book-running managers. As of December 31, 2020, StepStone managed approximately $333 billion in private markets allocations.