StepStone to buy Greenspring for $725m

StepStone Group has struck a deal to buy private equity firm Greenspring Associates for $725 million in cash and equity plus up to a $75 million potential earnout payable in 2025.

When combined the firms’ private equity and venture capital capabilities will build out StepStone’s private market capabilities to total $444 billion in AUM and AUA. The deal will also complement StepStone’s global footprint with the addition of over 125 total team members globally that will mean StepStone will have over 700 employees across 20 offices that includes an investment team of 250 professionals.

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