StepStone Group related stories
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PCG to pay $2m to settle with New York in pension scandalAn affiliate of the California-based gatekeeper was a minority partner in a co-investment fund accused of kicking back illegal fees for a $750m commitment from New York State Common Retirement Fund.
- StepStone president resigns amid kick-back scandal reports
Steve Moseley, who joined private equity advisor StepStone in 2008, said he is not a target of the ongoing pay-to-play investigation, but cited as a ‘distraction’ media reports about a co-investment platform created for New York’s state pension while Moseley was at a separate advisory firm.
- Involve your investors
The orderly sell-off of various Lehman Brothers private equity assets has included one overriding feature GPs across the industry should carefully note - the inclusion of limited partners in decision making.
- StepStone wins AMP Capital mandate
The Southern California-based private equity advisor will manage AMP’s Future Directions Private Equity Fund and act as the firm’s ‘exclusive’ partner in Australia and New Zealand.
- Lehman buyout arm to spin out
Lehman Brothers Merchant Banking will partially spin out as an independent firm, while the failed bank will retain ownership of a portion of the funds. Limited partners in Lehman’s most recent buyout fund have been given the option to reduce unfunded commitments by 25%.
- StepStone pushes into secondaries
The Southern California-based private equity advisor has hired James Gamett to head up secondary investments, which the company believes has become an attractive investment area.
- LPs gear up for Lehman asset sell-off
LPs in Lehman's private equity funds have retained Kirkland & Ellis and private equity advisor StepStone to guide them through the auction of Lehman's venture and private equity funds. The bank hopes to close deals in the first quarter of 2009.
- PCG affiliate to set up shop in Singapore
PCG Asset Management has joined the growing number of gatekeepers opening Asian offices. It has hired Jean-Noël Odier from BNP Paribas to help establish its first office outside the US.
- Kansas selects LP Capital as gatekeeper
LP Capital, a California-based firm that is also one of CalPERS’ advisors, beat out StepStone to replace Portfolio Advisors as the US pension’s private equity gatekeeper.
- PCG affiliate hires head of research
California-based PCG Asset Management has hired Thomas Bernhardt from BofA subsidiary CTC Consulting to replace Jay Rose, the firm’s former head of research who joined PCG spin-out StepStone.