signs a definitive agreement for the acquisition of Greenspring Associates, a leading specialist in venture capital and growth stocks With over $ 17 billion in assets under management, Improving StepStone’s Private Market Capabilities
StepStone to host a conference call at 8:30 a.m. Eastern Time
NEW YORK and BALTIMORE, July 07, 2021 (GLOBE NEWSWIRE) – StepStone Group Inc. (Nasdaq: STEP), a global private market investment firm, and Greenspring Associates, a leading venture and private equity platform development, today announced an agreement under 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 required consents from fund investors.
The combined team of more than 70 venture capital and growth equity-focused investment professionals working in the United States, Europe and Asia, is said to manage approximately $ 22 billion in venture capital assets and growth stocks, if measured as of March 31, 2021. The combination would extend StepStone’s expanded private equity team to more than 130 investment professionals, who would manage $ 60 billion in assets under management, including venture capital and growth equity, and $ 171 billion in assets under advice, if measured as of March 31, 2021. This transaction is part of the continued growth of StepStone’s private markets capabilities across all asset classes and geographic areas.
Greenspring is a leading venture capital and growth equity specialist with over $ 17 billion in assets under management and $ 9 billion in paid assets under management, as of March 31, 2021. The company has 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 through diversified, direct, secondary and tailor-made venture capital strategies for a diverse group of institutions and wealthy individuals.
“StepStone is delighted to add Greenspring, a talented company and management team that we have long admired, to our private markets platform. Joining forces with Greenspring allows StepStone to expand its venture capital and development capital capabilities, further expanding the menu of private equity solutions as we seek to create the highest quality portfolios for our customers, ”said Scott Hart, co-CEO of StepStone. “We are delighted to welcome Greenspring Founder and Managing Partner Ashton Newhall, Managing Managing Partner Jim Lim and the entire Greenspring team as new members of the StepStone team. We believe the Greenspring team has built the best platform for venture capital and growth capital in the private markets. Equally important, they promote a culture of trust and integrity that aligns directly with our values.
“We are incredibly excited to have the opportunity to provide unprecedented coverage of the global innovation economy in partnership with StepStone, including the platform, values and approach to primary, secondary and direct investments. align strategically, philosophically and culturally with ours, ”said Mr. Newhall. “As private markets have matured and businesses stay private longer, venture capital and growth equity are increasingly essential ingredients for any private markets agenda. Our combined global reach, private market expertise, robust data insight and shared service suite will benefit our clients, fund managers, entrepreneurs and other stakeholders at both companies. “
JP Morgan Securities LLC acted as exclusive financial advisor and Gibson, Dunn & Crutcher LLP acted as legal advisor to StepStone.
Morgan Stanley & Co. LLC acted as exclusive financial advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP and Proskauer Rose LLP each acted as legal advisor to Greenspring.
StepStone made a presentation to summarize this transaction, accessible by clicking on here.
Greenspring Transaction Webcast and Conference Call
StepStone management will host a webcast and conference call on Wednesday, July 7, 2021 at 8:30 a.m. ET to discuss the Greenspring transaction. The conference call and associated presentation materials will also be available in the Shareholders section of the StepStone website at https://shareholders.stepstonegroup.com/. To listen to a live broadcast, visit the site at least 15 minutes before the scheduled start time to register.
The conference call can be accessed by dialing 1-877-407-0784 (US) or 1-201-689-8560 (international).
A replay of the call and the presentation materials will also be available on the StepStone website approximately two hours after the live call until July 21, 2021. To access the replay, dial 1-844-512- 2921 (US) or 1-412-317-6671 (international). The replay PIN code is 13721050. The replay can also be accessed in the Shareholders section of the StepStone website at https://shareholders.stepstonegroup.com.
StepStone Group Inc. (Nasdaq: STEP) is a global private market investment firm focused on providing personalized investment solutions and advisory and data services to its clients. As of March 31, 2021, StepStone oversaw approximately $ 427 billion in private market allocations, including $ 86 billion in assets under management. StepStone’s clients include some of the largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as endowments, foundations, family offices and private clients. top tier clients, which include high net worth and mass clients. wealthy individuals. StepStone partners with its clients to develop and build private market portfolios designed to meet their specific objectives in the asset classes of private equity, infrastructure, private debt and real estate.
About Greenspring Associates
Greenspring Associates was founded in 2000 to focus solely on venture capital investments. Through a comprehensive platform, the company serves as a value-added lifecycle partner for fund managers and entrepreneurs, investing across multiple stages, sectors and geographies. Greenspring Associates currently manages over $ 17 billion in assets under management through a variety of specialist venture capital strategies on behalf of a diverse group of global investors. For more information about Greenspring Associates, please visit its website at www.greenspringassociates.com.
Cautionary Language Regarding Forward-Looking Statements
Certain statements in this press release 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 “” and similar expressions identify forward-looking statements. Forward-looking statements reflect current plans, estimates and expectations. These statements do not constitute guarantees of future performance, conditions or results. The inclusion of any forward-looking information in this press release should not be taken as a representation that future plans, estimates or contemplated expectations will be achieved. Forward-looking statements are subject to known and unknown assumptions and risks and uncertainties, including as to whether or when the acquisition will be completed, whether Greenspring will effectively be integrated into StepStone’s existing operations and whether the acquisition will provide the benefits that StepStone and Greenspring are waiting.
Important factors that could cause actual results to differ materially from those of forward-looking statements include, but are not limited to, the possibility that regulatory or other approvals and the terms of the acquisition will not be received or satisfied on time. timely or not at all, or contain unforeseen terms or conditions; delays in closing the acquisition, difficulties, delays or unforeseen costs in integrating Greenspring operations; purchase price adjustments, unforeseen costs resulting from the acquisition; delays or other disruptions associated with the acquisition or integration of Greenspring personnel; global and national 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 business and those of Greenspring, our financial results, our financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in the StepStone’s annual report on Form 10-K filed with the SEC on June 23, 2021, as these factors may be updated from time to time. StepStone assumes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Relations with StepStone shareholders:
Brian Ruby and Chris Gillick, IC