StepStone Group Inc. Completes Pricing for Stock Offering
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StepStone Group Inc. Completes Pricing for Stock Offering
StepStone Group Inc. has recently announced the pricing of its underwritten offering involving 4,099,997 shares of its Class A common stock. Each share is set at a price of $50.00, excluding any underwriting discounts and commissions. This offering is anticipated to reach completion shortly, pending the fulfillment of the customary closing conditions.
Utilization of Proceeds from the Offering
The company plans to allocate all net proceeds from this stock offering for the repurchase of Class A common stock. They will also address cash exchange for Class B and Class C units held by certain stakeholders. An interesting aspect of this process is that StepStone does not expect to retain any net proceeds from the offering, thereby ensuring no dilution occurs for its current stockholders.
Role of Goldman Sachs & Co. LLC
Goldman Sachs & Co. LLC is appointed as the sole book-running manager for this stock offering. Their expertise in managing the deal reflects the confidence that StepStone has in this initiative and its potential benefits for the company.
StepStone’s Public Disclosure Practices
StepStone maintains an active presence within the regulatory framework, with an effective registration statement on file with the Securities and Exchange Commission (SEC). They have also submitted a preliminary prospectus supplement related to this offering. Investors are encouraged to thoroughly review these documents prior to making any investment decisions, as these provide vital information regarding the company and the offering.
About StepStone Group Inc.
StepStone Group Inc. (Nasdaq: STEP) stands as a significant player in the global private markets investing landscape. The firm specializes in crafting bespoke investment solutions and offers advisory and data services to a diverse clientele. By the end of the most recent reporting period, StepStone was managing around $701 billion in total capital, which included $169 billion in assets under management.
Clientele and Investment Strategies
The clientele of StepStone encompasses some of the largest public and private pension funds, sovereign wealth funds as well as various insurance companies. Additionally, they cater to prominent endowments, foundations, and individual clients, including high-net-worth individuals. StepStone collaborates closely with its clients to design tailored private market portfolios, ensuring alignment with specific financial goals. Their expertise spans across multiple asset classes, including private equity, infrastructure, private debt, and real estate.
Contact Information
For any shareholder inquiries, Seth Weiss is available at 1-212-351-6106 and can be reached via email at shareholders@stepstonegroup.com. Additionally, for media-related questions, Brian Ruby, Chris Gillick, and Matt Lettiero from ICR are reachable through StepStonePR@icrinc.com or by calling 1-203-682-8268.
Frequently Asked Questions
What is the purpose of the stock offering by StepStone?
The stock offering is designed to raise capital for repurchasing shares and addressing exchanges for Class B and Class C units.
Who is managing the offering?
Goldman Sachs & Co. LLC is the sole book-running manager for this stock offering.
Will current shareholders experience dilution from this offering?
No, StepStone expects there will be no dilution to existing shareholders as they will not retain any proceeds from this offering.
How significant is StepStone in the private investment market?
StepStone is a prominent global investment firm managing approximately $701 billion in total capital, with a focus on private market solutions.
What types of clients does StepStone serve?
StepStone serves a diverse range of clients, including public and private pension funds, sovereign wealth funds, family offices, and high-net-worth individuals.
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