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September 21, 2021

StepStone wraps up Greenspring Associates acquisition

By Verdict Staff

Private markets investment firm StepStone Group has completed the acquisition of Greenspring Associates, a venture capital and growth equity platform.

The transaction adds more than $9bn in fee-earning assets under management to StepStone.

The combined firm will oversee approximately $109bn in assets and $375bn in assets under advisement.

Following the completion of the deal, the StepStone platform features more than 70 venture capital and growth equity focused investment professionals in the US, Europe and Asia. It manages nearly $24bn of venture capital and growth equity assets.

StepStone co-CEO Scott Hart said: “We are pleased to complete this acquisition ahead of schedule and are thrilled to integrate the Greenspring team into our organisation.

“The addition of Greenspring expands our leadership in private markets solutions, provides added scale in venture capital and growth equity, and offers our clients unprecedented access to the global innovation economy.”

Greenspring co-founder Ashton Newhall added: “We are proud to now be part of StepStone, one of the pre-eminent private markets platforms globally.

“StepStone’s client-centric focus, entrepreneurial culture and investing philosophy align well with our own. We look forward to collaborating with our new colleagues and continuing to deliver exceptional results.”

StepStone specialises in customised investment solutions and advisory and data services.

The company caters to public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as family offices and private wealth clients.

In 2019, the firm launched a private wealth solutions group called Conversus, to meet the rising demand for private market assets by high net worth and mass affluent investors.

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