Strategy
US-Based Private Markets Firm Rebrands Under "Wealth" Tag
As a sign of how private market investing is increasing as a wealth sector focus, a US-listed firm's subsidiary is rebranding to tap into this narrative.
StepStone Group, a global private markets investment firm, is rebranding its wholly-owned investment platform for private markets, StepStone Conversus, as StepStone Private Wealth.
The renaming consolidates StepStone’s branding as the firm expands its retail offerings into new strategies and markets, the company said in a statement yesterday.
"We have grown the StepStone platform over time by listening to our clients first and then creating tailored solutions to meet their needs. The Conversus team applied this same philosophy to the private wealth market, and we could not be happier with the success to date,” Scott Hart, p
artner and CEO at StepStone, said.
StepStone Private Wealth’s managed funds, CPRIM (Conversus StepStone Private Markets) and CSPRING (Conversus StepStone Private Venture and Growth), have also been renamed SPRIM and SPRING, respectively.
StepStone Private Wealth recently crossed $1 billion in assets under management, and SPRIM has generated net asset growth per share of over 76 per cent since inception in October of 2020. The firm’s newly-launched private venture capital and growth fund, SPRING, completed a first close with more than $100 million on November 1.
As of September 30, 2022, StepStone oversaw $602 billion of private markets allocations, including $135 billion of AuM.
