StepStone completes Greenspring acquisition; adds $9.5B fee-earning AUM, combined AUM $109B

StepStone Group Inc.

Total consideration: ~$185M cash, 12.7M Class A shares, 3.07M Class C units (exchangeable for Class A).
Earnout of up to $75M payable in 2025 based on 2024 management fee revenue targets.
$225M multicurrency credit facility (5-yr maturity) used to fund cash portion of consideration.
Greenspring adds $9.5B fee-earning AUM and $18.9B total AUM as of June 30, 2021.
Combined firm: $109B AUM, $375B AUA, over 70 VC/growth professionals globally.

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