StepStone Announces Closing of Secondary Offering

Rhea-AI Summary

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.

Positive

• Successful closure of a secondary offering, raising capital through the sale of 9,200,000 shares.
• Inclusion of an additional 1,200,000 shares purchased by underwriters indicates strong market demand.

Negative

• Secondary offerings can lead to dilution of existing shareholder value.

NEW YORK, March 23, 2021 (GLOBE NEWSWIRE) -- StepStone Group Inc. (“StepStone”) today announced the closing of the previously announced underwritten secondary offering by certain of its stockholders of 9,200,000 shares of StepStone’s Class A common stock, which includes the exercise in full by the underwriters of their option to purchase up to 1,200,000 additional shares of Class A common stock, at a public offering price of $29.50 per share (the “Offering”). Following the closing of the Offering, there are 38,437,500 shares of StepStone’s Class A common stock outstanding.

J.P. Morgan, Goldman Sachs & Co. LLC and Morgan Stanley acted as joint book-running managers for the Offering.

A registration statement relating to these securities was filed with and has been declared effective by the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of any of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration and qualification under the securities laws of such state or jurisdiction.

Copies of the final prospectus related to the Offering may be obtained from:

J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Attn: Prospectus Group
Telephone: (866) 803-9204

Goldman Sachs & Co. LLC
200 West Street
New York, NY 10282
Attn: Prospectus Department
Telephone: (866) 471-2526

Morgan Stanley & Co. LLC
180 Varick Street, Second Floor
New York, New York 10014
Attn: Prospectus Department

About StepStone

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2020, StepStone oversaw approximately $333 billion of private markets allocations, including $80 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

Contacts

Shareholder Relations:
shareholders@stepstonegroup.com
1-212-351-6106

Media:
Brian Ruby / Chris Gillick, ICR
StepStonePR@icrinc.com
1-203-682-8268

FAQ

What is the significance of the StepStone Group's secondary offering on March 23, 2021?

The secondary offering allowed StepStone to raise capital by selling 9,200,000 shares at $29.50 each, which may impact shareholder value due to potential dilution.

Who managed the StepStone Group's secondary offering?

The offering was managed by J.P. Morgan, Goldman Sachs, and Morgan Stanley.

How many shares of StepStone Group's Class A common stock are now outstanding?

Following the offering, there are 38,437,500 shares of StepStone's Class A common stock outstanding.

What was the public offering price for StepStone Group's shares?

The public offering price for StepStone Group's shares was $29.50 each.