Hi,
I’m wondering if any one could provide some insights on Stepstone? Would you consider Stepstone to be an attractive opportunity over mid-tier BB ibd(Think BoA, Citi)?
Specifically, post the acquisition of Greenspring, how’s Stepstone VC/Growth in terms of deal flow, pay, exposure, exit, etc. Would appreciate any insights from professionals.
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really depends on where you want to go. i interviewed for the VC team and the way I understood it, they are an FoF for VC. they do some minor direct VC but all of it is co-investments and mostly with companies they are invested in already with their funds. Not a lot of modeling and mostly soft skills. also based in Baltimore. With IB you get more optionality and opportunities. better exposure to the industry and pays more. the more-though cost of living probably levels it down. so honestly up to.
Thanks a lot! I’m less interested in the FoF but want more exposure to modeling in direct investment. I mean Stepstone is after all a large cap buyside, but seems like its brand equity is really not strong and many people haven’t heard of it, the FoF emphasis just limits the exit even more.
also, BofA and Citi are far from mid-tier BBs, depending on the group it can be the top of the street
Kinda irrelevant to what OP is asking lol
It depends on the group
Is the BB in NY or regional?
Regional and not the best group so to speak
If you’re looking to go into buy side I’d consider the VC firm, especially if the you’d be in a better group and/or at their HQ.
replying to your comment earlier as well. Stepstone is almost exclusively an FoF. yes, they are a large-cap fund but they don't do buyouts and all of that is in their FoF line. in fact, they only have around $5 Billion in traditional PE funds like you are thinking, when you mean large cap buyouts. All of the rest is in what they call separately managed accounts that they invest in other PE, RE, VC, and investment funds on behalf of their clients. this is bread and butter, they are more similar to Ardan than they are to KKR or Carlyle. I also interviewed with their RE team in SF and have a friend in their direct PE team(also note he said that he does 50/50 co-investments, FOF and the other 50 is normal PE) so this is based on what I have heard from them. Now if you get into the PE team I think you could make a good case and lateral but not from the whole firm, look at LinkedIn and their exits and you will know what I mean. also the direct PE arm is relatively new so that could change. That being said as the OGs will say, I am all but an intern so maybe I could be wrong and the people in the industry might have a different take on exists but pretty sure about the structure of the firm.
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