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StepStone Group

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Overview

StepStone Group is a name shared by two distinct entities operating in different industries:

  1. StepStone Group LP (Private Markets Firm)
  • Founded in 2006 by Monte Brem and Thomas Keck
  • Headquartered in New York with global offices
  • Specializes in private markets investments, including private equity, real estate, infrastructure, and private debt
  • Manages over $34 billion in assets and oversees $130+ billion in private capital allocations
  • Went public on Nasdaq in September 2020
  1. The Stepstone Group (Recruitment Technology Company)
  • Founded in 1995 by Dominik von Braun and Tonio Riederer von Paar
  • Evolved from a job board to an AI-powered recruitment platform
  • Operates in 30+ countries with over 3,500 employees
  • Connects 100+ million job applications with employers annually
  • Part of Axel Springer SE, a leading global media company
  • Expanded through acquisitions of Totaljobs Group, Saongroup, Jobsite, and others These entities operate independently, with the private markets firm focusing on investment management and the recruitment company specializing in talent acquisition and job placement technologies.

Leadership Team

StepStone Group LP's leadership comprises experienced professionals in private markets investment: Chief Executive Officer:

  • Scott W. Hart: CEO since January 2022, director since September 2020 President and Co-Chief Operating Officers:
  • Jason P. Ment: Joined in 2010, previously at Citigroup Private Equity
  • Jose A. Fernandez: Co-founder, involved in ESG and diversity initiatives Chief Financial Officer:
  • David Y. Park: CFO since January 2024, former Chief Accounting Officer Other Key Leaders:
  • Michael I. McCabe: Head of Strategy, director since September 2020 Recent Promotions (2024):
  • Eight new partners and 18 new managing directors, including:
    • David Allen: CEO of EU AIFM, Private Debt team (Dublin)
    • Fabian Körzendörfer: Private Debt team (Zurich)
    • Lisa Larsson: Portfolio Management team (New York)
    • Matthew Roche: Private Equity team (New York)
    • Brett Schlemovitz and Brad Weltler: Private Wealth team
    • John Wuestling: Venture Capital and Growth Equity team
    • Kimberly Zeitvogel: Private Wealth team This leadership structure reflects StepStone Group's global presence and diverse expertise in private markets investing.

History

StepStone Group LP's evolution as a global private markets firm: Founding and Early Years:

  • Established in 2006 by Monte Brem and Thomas Keck, former Pacific Corporate Group executives
  • Started with first office in La Jolla, California Expansion and Growth:
  • Expanded to multiple global locations including New York, London, and Beijing
  • Significant Asian expansion in 2012, appointing Mushin Kim as partner in Korea Public Listing:
  • Initial public offering (IPO) on Nasdaq on September 16, 2020 Leadership Transitions:
  • Monte Brem: CEO until 2019, then Co-CEO, Executive Chairman, and now Executive Advisor
  • Scott W. Hart: Became CEO in January 2022
  • Thomas Keck: Leads global research and portfolio management Investment Focus:
  • Specializes in primary and secondary fund investments, and co-investments
  • Covers private equity, real estate, infrastructure, and private debt
  • Typical investments range from $15 million to $200 million Current Status:
  • Oversees $130+ billion in private capital allocations
  • Manages $34+ billion in assets
  • Known for global presence, advanced data analytics, and responsible investment practices StepStone Group has grown from a startup to a publicly-traded, global investment firm, adapting to market changes and expanding its expertise across various private market sectors.

Products & Solutions

StepStone Group operates in two distinct domains, each offering unique products and solutions:

StepStone Group (Recruitment Focus)

This entity specializes in recruitment and talent acquisition, providing:

  1. AI-driven Job Marketplaces
    • Streamline recruitment processes in over 30 countries
    • Collaborate with approximately 140,000 companies
    • Promote job listings through multiple channels (on-site, off-site, email, SMS, WhatsApp)
  2. Programmatic-Powered Recruitment Marketing Solutions
    • Utilize data and programmatic technology for optimized recruitment marketing
    • Assist in employer brand activation, talent pool building, and targeted job presentation
    • Aim to fill more job openings at reduced costs

StepStone Group (Private Markets Focus)

This entity specializes in global private markets, offering:

  1. Private Wealth Solutions
    • Provide individual investors with attractive terms
    • Offer quarterly liquidity, frequent valuations, and detailed reporting
  2. Investment Solutions and Advisory Services
    • Deliver tailored investment solutions and advisory services
    • Provide data-driven insights across various private market sectors, strategies, and territories
    • Offer customized solutions to meet diverse investment needs In summary, these two entities under the StepStone Group name operate in entirely different fields, catering to distinct market needs in recruitment and private markets investment respectively.

Core Technology

StepStone Group's core technology, particularly in their investment and asset management activities, revolves around several key components:

Proprietary Platform: SPI (StepStone Portfolio Insights)

SPI is a web-based platform designed to support various functions:

  • Market research
  • Investment due diligence
  • Portfolio analysis and planning
  • Access to high-quality, actionable data

SPI Components

  1. SPI Research: Provides collective insights from the global investment team
  2. SPI Reporting: Enables real-time portfolio monitoring and bespoke analyses
  3. SPI Pacing: Models future cash flows to meet allocation targets
  4. SPI Benchmarking: Evaluates private markets' strengths, weaknesses, and trends

Data and Analytics

  • Early investments in data and analytics capabilities
  • Dedicated teams transform data into actionable decisions
  • Focus on data intelligence for sharper insights and improved strategies

Technology Team and Tools

  • Leverages AI, Machine Learning, and automation
  • Utilizes tools like JIRA, Confluence, TypeScript, and React
  • Develops cutting-edge solutions and resilient systems
  • Drives critical projects, including global platform development StepStone Group's core technology is built on a robust, data-driven platform with advanced analytical tools, supported by an innovative technology team. This technological foundation enables the company to provide comprehensive, insightful, and efficient services across its various business segments.

Industry Peers

StepStone Group Inc., operating in the asset management and investment services sector, has several industry peers and competitors:

Key Competitors in Investment Services

  1. Fuller and Thaler Asset Management
  2. Light Street Capital
  3. Evoke Advisors
  4. Percheron Capital
  5. Bailard
  6. Strategic Global Advisors These firms compete with StepStone Group in areas such as investment strategy, focus, and advisory services.

Publicly Traded Peers

  1. BlackRock, Inc.: Major player in asset management
  2. Focus Financial Partners Inc.: Specializes in wealth management
  3. Federated Hermes, Inc.: Asset management firm
  4. AssetMark Financial Holdings, Inc.: Provides investment and wealth management services
  5. BrightSphere Investment Group Inc.: Asset management company These companies are often compared to StepStone Group in terms of market cap, financial performance, and industry presence.

Additional Comparative Peers

  • Diamond Hill Investment Group, Inc.
  • NXG NextGen Infrastructure Income Fund
  • Eaton Vance National Municipal Opportunities Trust These firms are used for comparative analysis in areas such as PE ratios, market cap, and financial performance. The industry peers listed above serve as benchmarks for StepStone Group's financial health, market position, and operational efficiency within the broader investment services and asset management industry. Regular comparison and analysis against these peers help in assessing StepStone Group's competitive standing and identifying areas for potential growth or improvement.

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