StepStone Group enters Option Agreement to restructure Conversus platform, rebrand as StepStone Private Wealth

StepStone Group Inc.

StepStone Group entered an Option Agreement on Nov. 2, 2022 for its Conversus platform, which will be rebranded as StepStone Private Wealth.
CH (Conversus Holdings) can put its profits interest to StepStone for cash or up to 75% SSG Units, with a put window from June 30, 2026 to June 30, 2027.
StepStone has a call option on the profits interest after July 1, 2027, and can pay up to 75% in SSG Units subject to a three-year lock-up on 70% of units.
The purchase price includes earnout/earndown adjustments based on Fee-Related Earnings growth, capped at 10% of Net Purchase Price, with additional earnout up to 5% based on Basic ANI.
J.P. Morgan Securities LLC acted as financial advisor to StepStone for the transaction.

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