Sincerely need help - FoF: StepStone or AlpInvest

Hey guys, recently got two FoF offers from StepStone and AlpInvest. Both cover APAC region. Any thoughts on these two comps in terms of culture, team dynamics, deal exposure, career development, etc.?

Sincerely appreciate anyone's contribution here. May your work/life balance be consistently better!

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Comments (20)

  • Analyst 2 in IB - Cov
Oct 2, 2021 - 10:14pm

If the role at AlpInvest is just primary whereas in StepStone, you get exposure to all 3, I would go for StepStone as you will gain a broader skillset.

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Oct 2, 2021 - 5:29pm

Stepstone's geographical coverage is strongest in the US, then Europe. In Asia Pacific, they seem to mainly be China focused. Their recent acquisition of Greenspring should improve the VC part of their coverage.

Do you know if you will work on a specific strategy (primary, co-invest etc) or will you be generalist?

Their culture seems pretty good.

Oct 2, 2021 - 10:20pm

Hi Franco, thanks for the info. I will be a generalist with flexibility across primaries, co-invest, and secondaries at StepStone. At Alpinvest, I will be with their primary fund investment team. AlpInvest's Asia head of primary fund & secondaries promised to give me some exposure on secondaries, she also told me it would be unlikely to have additional bandwidth for secondaries work….

Oct 2, 2021 - 10:58pm

Stepstone will give you broader exposure then and perhaps you can specialize later. I think getting co-invest exposure is pretty important if you want to preserve some optionality for a direct role (still a stretch but not as much as a stretch with no co-invest).

Do you have sense for timing of career progression and how comp changes as you move up? I assume carry allocation isn't until you are a few levels up the chain?

Most Helpful
Oct 2, 2021 - 11:33pm

Hey Franco, this is actually another dilemma. At StepStone, you will be eligible for global carried interest starting from VP and I need another 5 years to get there. At Alpinvest, you will be eligible for carry from senior associate, which takes 3-4 years. Not sure about the carry amount at StepStone (rumor says that a VP gets first year carry at 20k post tax). AlpInvest told me it's gonna be 800k-1mil for senior asso, 80% vestable after 4 years of having the eligibility. VP would be 1.5-2mil, Principal even higher.

Oct 12, 2021 - 2:51am

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