Hi does anyone have any insight into stepstones private equity group: primaries, secondaries and co-investments? How they compare with other PE funds of funds such as lexington partners, Pantheon etc..
Whether you will get exposure to valuation analysis and LBO modelling on the target companies / portfolio companies of the pe funds etc.. what pay would be like and other general thoughts?
They fly a little under the radar compared to Pantheon, Hamilton Lane, Lexington etc. Strong presence in markets outside North America (LatAm and Asia particularly). Have a blue chip client base including several sovereign wealth funds. One of the best track records in secondaries albeit with a less exciting strategy (they don't participate in auctions, instead they build relationships with LPs and GPs and drive deal flow off that). Valuation analysis and LBO modelling, like every other FoF platform, will depend on which strategy you focus on. Almost none in primary, a good bit in secondaries, a lot in co-investments and full PE style analysis in co-sponsorships. Pay in line / slightly higher than other prominent FoF.
Bumping. What is comp, carry, and exit opps like on the private debt team? In IB and looking to make the jump.
Pay is most definitely not higher than other FoFs based on what I have seen. Bases are lower than banking and bonuses of 50-70%. I have a few friends that work there. Culture is far from ideal also if this is something you care about.
can confirm this
Thought on HL?
Bump
Nice pro is that they have a San Diego office - UTC La Jolla. I used to work down the street from them.
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Head of secondaries is a total prick
Excuse my ignorance, but could someone explain their mandate / structure in terms of co-investing / their VC and growth arm? Currently in buyout and curious to hear if they flex into more “direct” investing, or if it is all primarily FoF work. Thanks in advance!
Co-invest team is a massive pain in the dick to deal with at a GP. Don't know if that translates into worse WLB relative to other FOFs. On the list of names that make me groan when they're involved in a process.
Any thought on HL?
bump
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