SAN DIEGO & NEW YORK -- (BUSINESS WIRE) --
StepStone Group LLC ("StepStone") is pleased to announce that the transaction whereby Citi transferred the management of certain of its fund of funds, mezzanine funds, feeder funds, and co-investment business ("CPE") to StepStone, has closed. In connection with this event, StepStone will provide ongoing management and advisory services for certain of CPE's USD 4 billion fund of funds, mezzanine, feeder, and co-investment funds. In addition, Lexington Partners, a leading global private equity sponsor, completed the purchase of a portion of Citi's proprietary interests in certain fund of funds, mezzanine and co-investment funds. The transaction was first announced on July 13, 2010.
"We are excited to move forward with this significant expansion of StepStone's private equity investment management activities and capabilities. We believe the continuity of support from the CPE professionals now on our team will ensure a smooth transition as we assume responsibility for management of the legacy CPE funds," said Monte Brem, Chief Executive Officer of StepStone. "The CPE businesses are an ideal fit with our fiduciary management, monitoring and reporting services, and will substantially enhance our capabilities in these areas."
As part of the transaction, a majority of the CPE professionals, including Darren Friedman, former Managing Partner of CPE; Philip Neidoff, former Business Development and Client Relationship Director of CPE; Jason Ment, former General Counsel of CPE; and Rebecca Ajavananda, former Director and head of Investor Relations of CPE, have joined StepStone and are based in its New York City office. In addition, Blair Jacobson, former Partner and head of CPE's European operations, also joined StepStone to open its London office.
In combination with the recent addition of the senior investment professionals from its acquisition of SilverBrook Private Equity, the addition of the CPE professionals completes StepStone's goal of balancing the firm's U.S. presence between the East and the West coasts. Subsequent to these two transactions, StepStone will have over 50 professionals globally based in San Diego, New York, London, and Beijing.
"This is an exciting time to join StepStone," said Mr. Friedman, speaking on behalf of the CPE professionals who joined StepStone. "StepStone's leading reputation in the private equity industry and its deep global research and investment team and capabilities provide the ideal platform to continue to grow the legacy CPE business and to maximize returns for its investment vehicles."
About StepStone Group
StepStone Group LLC is an independent firm focused exclusively on providing private equity asset management and advisory services. The firm oversees more than $20 billion of private equity allocations and has offices in San Diego, New York, Beijing, and London. StepStone provides investment services to institutional investors focused on achieving superior risk-adjusted private equity returns through a combination of private equity fund investments, co-investments and secondary purchases. StepStone has a proprietary research based approach to optimizing exposure to top performing investment strategies, geographies and managers. Additional information may be found at www.stepstonellc.com.
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Owen Blicksilver Public Relations
Caroline Luz, 203-656-2829
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