Stepstone Group has assembled a team of bankers to help underwrite the company’s initial public offering, according to a report by Reuters citing people familiar with the matter.
The showing could arrive as early as the first quarter of this year, Reuters said. Among the lineup of lead underwriters in New York are Goldman Sachs, Morgan Stanley, and JPMorgan Chase, according to the publication. The report noted Stepstone has already registered its IPO confidentially with the US Securities and Exchange Commission.
Reuters’ sources also said the company could value itself in tandem with Hamilton Lane’s valuation, which has a market capitalization of $3.3 billion.
Funds managed by T. Rowe Price and Fidelity provided support for StepStone’s IPO as early as last October, according to Bloomberg News. The funds, together with a U.S. family office, collectively bought a 14.4% stake in the company, with the Fidelity funds acquiring about 8% of the company, Bloomberg reported, citing sources familiar with the matter.
StepStone Group describes itself as a global private markets firm providing customized investment and advisory solutions to investors, with a specialization in private markets. The company oversees an aggregate $280 billion of total capital allocations across its clients’ portfolios, which include public pension funds and sovereign wealth funds. That includes $58 billion in assets under management, spanning private equity, real estate, infrastructure and private debt.
StepStone began a new venture last September with the launch of Coversus, a new platform focused on delivering StepStone’s institutional capabilities to high net worth and mass influent investors.
“Together, Coversus and StepStone will integrate fund investments, secondaries and co-investments to create customized product solutions for the private wealth sector,” a press release said.
StepStone is based in La Jolla, California, with 19 offices in 13 countries.
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