StepStone Announces Pricing of Secondary Offering

Rhea-AI Summary

StepStone Group announced the pricing of a secondary offering of 4,500,000 shares of its Class A common stock at $52.35 per share. The offering is led by certain selling stockholders, who will receive all net proceeds, while StepStone will not gain from this sale. Underwriters have a 30-day option to purchase an additional 675,000 shares. The offering is anticipated to close on November 18, 2021. Morgan Stanley, Goldman Sachs, and J.P. Morgan are acting as joint book-running managers. This announcement follows StepStone's oversight of approximately $519 billion in private markets as of September 30, 2021.

Positive

• Secondary offering priced at $52.35 per share, indicating robust investor interest.
• Selling stockholders granted a 30-day option for an additional 675,000 shares, potentially enhancing liquidity.

Negative

• StepStone will not receive any proceeds from the offering, limiting its immediate financial gain.

NEW YORK, Nov. 15, 2021 (GLOBE NEWSWIRE) -- StepStone Group Inc. (“StepStone”) today announced the pricing of the previously announced underwritten secondary offering by certain of its stockholders (the “Selling Stockholders”) of 4,500,000 shares of StepStone’s Class A common stock, at a price to the public of $52.35 per share (before underwriting discounts and commissions) (the “Offering”). The Selling Stockholders have also granted the underwriters a 30-day option to purchase up to an additional 675,000 shares of StepStone’s Class A common stock. The Selling Stockholders will receive all of the net proceeds from the Offering. StepStone is not offering any shares of its Class A common stock in the Offering and will not receive any proceeds from the Offering, including from any exercise by the underwriters of their option to purchase additional shares. The Offering is expected to close on November 18, 2021, subject to the satisfaction of customary closing conditions.

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

StepStone has an effective registration statement (including a base prospectus) on file with the Securities and Exchange Commission (the “SEC”) and has filed a preliminary prospectus supplement for the Offering. Before you invest, you should read the prospectus in that registration statement and the related preliminary prospectus supplement and other documents that StepStone has filed and will file with the SEC for more complete information about StepStone and the Offering. You may obtain these documents for free by visiting the SEC’s EDGAR web site at www.sec.gov. Alternately, copies of the preliminary prospectus supplement (or, when available, the final prospectus supplement) and base prospectus related to this Offering may be obtained from:

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

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

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

The offering of these securities is being made only by means of a prospectus supplement and an accompanying prospectus. 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.

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 September 30, 2021, StepStone oversaw approximately $519 billion of private markets allocations, including $121 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.

Forward-Looking Statements

Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “plan” and “will” and similar expressions identify forward-looking statements. Forward-looking statements, including statements regarding the consummation of the Offering and the satisfaction of customary closing conditions with respect to the Offering, reflect management’s current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, successful execution of business and growth strategies and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail in the “Risk Factors” section of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on June 23, 2021, as such factors may be updated from time to time. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

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 stock symbol for StepStone Group?

The stock symbol for StepStone Group is STEP.

When is the closing date for the StepStone stock offering?

The StepStone stock offering is expected to close on November 18, 2021.

How many shares are being offered in the StepStone secondary offering?

A total of 4,500,000 shares of Class A common stock are being offered in the StepStone secondary offering.

What is the price per share for the StepStone offering?

The price per share for the StepStone offering is $52.35.

Who are the underwriters for the StepStone offering?

The underwriters for the StepStone offering are Morgan Stanley, Goldman Sachs, and J.P. Morgan.