Summary
- The StepStone Group has filed proposed terms for its U.S. IPO.
- The firm provides private asset market wealth advisory services to institutions worldwide.
- STEP has produced highly variable revenue due to carried interest revaluations and the industry may contract over the short term due to the Covid-19 pandemic.
- I'll watch the IPO from the sidelines.
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Quick Take
StepStone Group (STEP) has filed to raise $280 million in an IPO of its Class A common stock, according to an S-1 registration statement.
The firm provides private market portfolio development services to a variety of investors worldwide.
STEP has produced uneven revenue due to its highly variable carried interest revaluations and the private asset advisory industry may contract in the short term due to Covid-19 pandemic effects.
Company & Technology
New York, New York-based StepStone was founded to develop private market asset expertise and provide customized portfolio construction advisory services to clients globally.
Management is headed by co-founder, Co-CEO and Chairman Mr. Monte Brem, who was previously managing director, principal and president at the Pacific Corporate Group, a private equity firm.
Below is a brief overview video of StepStone:
