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STEPSTONE inside private markets GREENSPRING ASSOCIATES STEPSTONE GROUP SIGNIFICANTLY BOLSTERS ITS VENTURE CAPITAL AND GROWTH EQUITY PLATFORM Signs Definitive Agreement to Acquire Greenspring Associates , a Leading Venture Capital and Growth Equity Specialist With More than $ 17 Billion in Assets under Management , Enhancing StepStone's Private Markets Capabilities StepStone to Host Conference Call at 8:30 AM Eastern Time - NEW YORK , NY and BALTIMORE , MD , July 7 , 2021 – StepStone Group Inc. ( Nasdaq : STEP ) , a global private markets investment firm , and Greenspring Associates , a leading venture capital and growth equity platform , today announced an agreement in which StepStone will acquire Greenspring and certain of its related entities . The transaction is expected to close by the end of the year , subject to customary closing conditions , including regulatory approvals and receipt of requisite fund investor consents . The combined team of over 70 venture capital and growth equity focused investment professionals working across the United States , Europe and Asia , would manage approximately $ 22 billion of venture capital and growth equity assets , if measured as of March 31 , 2021. The combination would expand StepStone's broader private equity team to over 130 investment professionals , who would manage $ 60 billion of assets under management , inclusive of venture capital and growth equity , and $ 171 billion of assets under advisement , if measured as of March 31 , 2021. This transaction is part of the continued growth of StepStone's private markets capabilities across asset classes and geographies . Greenspring is one of the largest venture capital and growth equity specialists with more than $ 17 billion of assets under management and $ 9 billion of fee - earning assets under management , as of March 31 , 2021 . The company was founded in 2000 and is based in Baltimore , with offices in London , Palo Alto , Beijing and Miami . Greenspring's mission is to serve as a value - added , lifecycle partner for fund managers and entrepreneurs on both a primary and secondary basis across diversified , direct , secondary and bespoke venture strategies for a varied group of institutions and high net worth individuals . " StepStone is thrilled to add Greenspring , a company and talented management team we have long admired , to our private markets platform . Joining forces with Greenspring allows StepStone to scale our venture capital and growth equity capabilities , further broadening the menu of private equity solutions as we seek to build the highest quality portfolios for our clients , " said Scott Hart , StepStone's Co - CEO . " We are pleased to welcome Greenspring Founder and Managing General Partner Ashton Newhall , Managing General Partner Jim Lim , and the entire Greenspring team as the newest members of the StepStone team . We believe that the Greenspring team has built the best venture capital and growth equity platform within private markets . Just as important , they promote a culture of trust and integrity that directly aligns with our values . " “ We are incredibly excited to have the opportunity to provide unprecedented coverage of the global innovation economy in partnership with StepStone , whose platform , values and approach to primary fund , secondary and direct investments align strategically , philosophically and culturally with our own , ” said Mr. Newhall . " As private markets have matured and companies remain private longer , venture capital and growth equity are increasingly essential ingredients for any private markets program . Our combined global reach , private markets expertise , robust data insights and suite of shared services will benefit our clients , fund managers , entrepreneurs and other stakeholders across both firms . "