StepStone Group Inc. entered into an agreement to acquire Greenspring Associates, Inc for approximately $850 million.
July 06, 2021
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StepStone Group Inc. (NasdaqGS:STEP) entered into an agreement to acquire Greenspring Associates, Inc for approximately $850 million on July 7, 2021. The consideration includes cash amount of $186.6 million, issuance of 12.69 million Class A shares of StepStone Group, issuance of 3.1 million units of Stepstone Group's Partnership and an additional $75 million payable in 2025 subject to achievement by Greenspring of certain management fee revenue targets for the calendar year 2024. The transaction will be partly financed by a bridge facility of upto $175 million. StepStone Group Inc. will pay a termination fee of $36.25 million to Greenspring. Greenspring Founder and Managing General Partner Ashton Newhall, Managing General Partner Jim Lim and the entire Greenspring team will be joining StepStone team. The transaction is subject to customary closing conditions, including regulatory approvals and receipt of requisite fund investor consents. The transaction has been approved by the Board of Greenspring. The transaction is expected to complete by the end of the year 2021. The transaction will be accretive to adjusted net income per share by the high single digits during the 12 months following the deal close and by more in the future. J.P. Morgan Securities LLC acted as financial advisor to StepStone Group Inc. Gibson, Dunn & Crutcher LLP acted as legal advisor to Greenspring Associates, Inc. Morgan Stanley & Co. LLC acted as financial advisor to Greenspring Associates, Inc. Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP acted as legal advisor to Greenspring Associates, Inc. Proskauer Rose LLP acted as legal advisor to Greenspring Associates, Inc.
StepStone Group Inc. is a private markets investment firm. It is focused on providing customized investment solutions and advisory, data and administrative services to its clients. The Company partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes. Its portfolios utilize several types of synergistic investment strategies with third-party fund managers, including commitments to funds, acquiring stakes in existing funds on the secondary market and investing directly into companies. Its solutions are offered across various commercial structures, including separately managed accounts, focused commingled funds, advisory, data and administrative services, and portfolio analytics and reporting. Its advisory, data and administrative services include recurring support of portfolio construction and design, and discrete or project-based due diligence.
STEPSTONE GROUP LP 
