StepStone Group related stories
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Former Canopy Pros Launch Signal Peak VenturesSignal Peak Ventures was formed by Ron Heinz and Brandon Tidwell, former Canopy Group pros, and acquired substantially all of Canopy’s ventures. StepStone Group led a group of LPs that backed the fund. Heinz said Signal Peak is in the process of relocating to permanent headquarters in Salt Lake City.
- Cvent Secures $136 Mln in Funding from NEA, Insight Ventures, Greenspring
New Enterprise Associates and Insight Venture Partners have provided $136 million in funding to Cvent. Greenspring Associates also participated in the first round. Cvent, of Mclean, Va., provides online software for event management.
- The Country 'Needs a PE President': Slide Show From Buyouts Chicago
Nearly 300 of you turned out last week for our fourth annual Buyouts Chicago conference, held at the The Ritz Carlton. For those that did there were no shortage of highlights, from Kevin Conway, managing partner of Clayton Dubilier & Rice (pictured at left), acknowledging that the firm's latest $5 billion fund is about 60 percent invested just a year and a half after holding a final close; Doug Lowenstein, president of the Private Equity Growth Capital Council, holding forth on the "Holy Trinity" of tax issues facing private equity professionals; and John Morris, managing director of HarbourVest Partners, noting that it has become "very common" for the Boston-based manager of funds of funds to get requests for extensions of investment periods. Among memorable quotes, Phil Canfield, principal of GTCR, suggested the worst of the housing crisis may be behind us, saying "I wish I needed another house right now." Rodger Krouse, co-CEO of Sun Capital Partners, said the country is "not only ready but needs a private equity president." And Sanjiv Shah, managing director, BAML Capital Access Funds, said that "LPs are digging in to make sure no one's getting rich on management fees." Click through to see more pictures from the event.
- StepStone Assumes Management of Citi PE Funds
Citigroup has transferred management of various in-house private equity funds to StepStone Group. The bank also sold a portion of its interest in those funds to private equity group Lexington Partners. The two deals, first announced in July, are part of Citi’s strategy to reduce assets within Citi Holdings, the company’s portfolio of non-core operating businesses. Financial terms were not released.
- StepStone buys SilverBrook Private Equity
StepStone Group has acquired SilverBrook Private Equity, the group announced today. Stepstone had previously purchased Citigroup Private Equity, and is on a stated mission of “balancing the firm’s US presence between the east and west coasts.” As part of the deal, Thomas Bradley, Mark Maruszewski, and Michael McCabe, the SilverBrook partners, will join StepStone as managing directors based in New York City. The financial terms of the deal were not disclosed.
- San Diego LP has $100M for PE
City pension fund upping its target allocation to 5%
- StepStone Group Names Weichou Su as a Managing Director
StepStone Group LLC named Weichou Su a managing director in the firm's new Beijing, China office, which officially opened on Sept. 14. Su will focus on investment activities in China and throughout Asia. Su previously served as a managing director of Hina Group.