StepStone to acquire VC/growth equity specialist Greenspring for $185M cash, 12.6M shares, plus earnout

StepStone Group Inc.

Greenspring has $17B AUM and $9B FEAUM as of March 31, 2021.
Consideration: $185M cash, 12,643,556 Class A shares, 3,114,723 Class C units; plus up to $75M earnout in 2025.
Closing expected by end of 2021; subject to HSR, 85% client consent (StepStone condition), and other conditions.
Combined VC/growth equity team of 70+ professionals managing ~$22B; StepStone's private equity team to 130 pros with $60B AUM.
Company secured $175M bridge commitment from JPMorgan Chase to finance a portion of cash consideration.

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