NEW YORK and BALTIMORE, July 07, 2021 (GLOBE NEWSWIRE) — StepStone Group Inc. (Nasdaq: STEP), a global private markets investment firm, and Greenspring Associates, a leading venture capital and growth equity platform, today announced an agreement in which StepStone will acquire Greenspring and certain of its related entities. The transaction is expected to close by the end of the year, subject to customary closing conditions, including regulatory approvals and receipt of requisite fund investor consents.
The combined team of over 70 venture capital and growth equity focused investment professionals working across the United States, Europe and Asia, would manage approximately $22 billion of venture capital and growth equity assets, if measured as of March 31, 2021. The combination would expand StepStone’s broader private equity team to over 130 investment professionals, who would manage $60 billion of assets under management, inclusive of venture capital and growth equity, and $171 billion of assets under advisement, if measured as of March 31, 2021. This transaction is part of the continued growth of StepStone’s private markets capabilities across asset classes and geographies.
Greenspring is one of the largest venture capital and growth equity specialists with more than $17 billion of assets under management and $9 billion of fee-earning assets under management, as of March 31, 2021. The company was founded in 2000 and is based in Baltimore, with offices in London, Palo Alto, Beijing and Miami. Greenspring’s mission is to serve as a value-added, lifecycle partner for fund managers and entrepreneurs on both a primary and secondary basis across diversified, direct, secondary and bespoke venture strategies for a varied group of institutions and high net worth individuals.
“StepStone is thrilled to add Greenspring, a company and talented management team we have long admired, to our private markets platform. Joining forces with Greenspring allows StepStone to scale our venture capital and growth equity capabilities, further broadening the menu of private equity solutions as we seek to build the highest quality portfolios for our clients,” said Scott Hart, StepStone’s Co-CEO. “We are pleased to welcome Greenspring Founder and Managing General Partner Ashton Newhall, Managing General Partner Jim Lim, and the entire Greenspring team as the newest members of the StepStone team. We believe that the Greenspring team has built the best venture capital and growth equity platform within private markets. Just as important, they promote a culture of trust and integrity that directly aligns with our values.”
“We are incredibly excited to have the opportunity to provide unprecedented coverage of the global innovation economy in partnership with StepStone, whose platform, values and approach to primary fund, secondary and direct investments align strategically, philosophically and culturally with our own,” said Mr. Newhall. “As private markets have matured and companies remain private longer, venture capital and growth equity are increasingly essential ingredients for any private markets program. Our combined global reach, private markets expertise, robust data insights and suite of shared services will benefit our clients, fund managers, entrepreneurs and other stakeholders across both firms.”
Advisors
J.P. Morgan Securities LLC served as exclusive financial advisor and Gibson, Dunn & Crutcher LLP acted as legal advisor to StepStone.
Morgan Stanley & Co. LLC served as exclusive financial advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP and Proskauer Rose LLP each acted as legal advisor to Greenspring.
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 March 31, 2021, StepStone oversaw approximately $427 billion of private markets allocations, including $86 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.
About Greenspring Associates
Greenspring Associates was founded in 2000 to focus solely on venture capital investments. Through a comprehensive platform, the firm serves as a value-added lifecycle partner for fund managers and entrepreneurs, investing across multiple stages, sectors and geographies. Greenspring Associates currently manages more than $17 billion in assets under management across a variety of specialized venture strategies on behalf of a diverse group of global investors. For more information on Greenspring Associates, please visit its website at www.greenspringassociates.com.
