StepStone Group opens a new office in Dublin, expanding services for European clients in private market investments.
Quiver AI Summary
StepStone Group has announced the opening of a new office in Dublin, Ireland, as part of its subsidiary StepStone Group Europe Alternative Investment Limited, which is regulated by the Central Bank of Ireland. The firm, which has operated in Dublin since 2005, aims to better serve EU-based clients seeking private market investment solutions across various asset classes, managing €29.1 billion in assets under management as of the end of 2024. This expansion, symbolizing a commitment to the local economy and community, has doubled the workforce in Dublin to 110 employees and reflects the growing demand for private market solutions in Europe. Prominent figures, including Irish financial leaders, have expressed support for StepStone's growth, highlighting Ireland's attractiveness as a key location for international financial services.
Potential Positives
- The opening of the new Ireland office signifies StepStone Group's commitment to expanding its footprint in Europe, aligning with the increasing demand for private market solutions among EU-based clients.
- The substantial growth in assets under management, rising from €20.6 billion in December 2022 to €29.1 billion in December 2024, highlights the company's success in capturing market opportunities.
- StepStone's expansion demonstrates its dedication to investing in the local economy and talent pool, contributing positively to job creation and economic development in Dublin.
- The new office features a modern workspace designed with teamwork, well-being, and sustainability in mind, enhancing employee satisfaction and productivity.
Potential Negatives
- Despite significant growth in assets under management, the company's reliance on the European market may pose risks if there are economic downturns or regulatory changes within the EU.
- The expansion into Ireland highlights the increasing competition within the financial services sector in Europe, which may pressure profit margins and market share in the future.
- The announcement could indicate an overextension of resources as the company expands its workforce and office space, which may affect profitability if the anticipated demand does not materialize.
FAQ
What is the purpose of StepStone Group's new office in Ireland?
The office supports EU-based clients seeking access to private market investment solutions and demonstrates StepStone's commitment to Ireland's economy.
How much assets does StepStone Group Europe Alternative Investment Limited manage?
As of December 31, 2024, SGEAIL manages €29.1 billion in assets under management (AUM).
How has StepStone Group's workforce changed in Dublin?
Since 2021, StepStone's Dublin office has doubled its workforce to approximately 110 employees, representing 10% of its global staff.
What does the new office space emphasize?
The new office emphasizes teamwork, brand pride, wellness, and sustainability, providing a modern workspace for employees.
Who supported StepStone's expansion in Ireland?
Officials like Peter Burke and Michael Lohan praised StepStone's expansion, highlighting Ireland's appeal for global investment firms.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$STEP Insider Trading Activity
$STEP insiders have traded $STEP stock on the open market 13 times in the past 6 months. Of those trades, 0 have been purchases and 13 have been sales.
Here’s a breakdown of recent trading of $STEP stock by insiders over the last 6 months:
- SCOTT W HART (Chief Executive Officer) has made 0 purchases and 9 sales selling 70,900 shares for an estimated $4,446,381.
- MICHAEL I MCCABE (Head of Strategy) has made 0 purchases and 2 sales selling 6,200 shares for an estimated $398,548.
- JASON P MENT (See remarks) sold 800 shares for an estimated $48,016
- ANTHONY KEATHLEY (Chief Accounting Officer) sold 538 shares for an estimated $33,894
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$STEP Hedge Fund Activity
We have seen 138 institutional investors add shares of $STEP stock to their portfolio, and 127 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- MILLENNIUM MANAGEMENT LLC added 2,161,548 shares (+269.8%) to their portfolio in Q1 2025, for an estimated $112,897,652
- CITADEL ADVISORS LLC added 950,546 shares (+235.1%) to their portfolio in Q1 2025, for an estimated $49,647,017
- CIBC PRIVATE WEALTH GROUP LLC removed 897,585 shares (-63.7%) from their portfolio in Q1 2025, for an estimated $46,880,864
- AMERIPRISE FINANCIAL INC removed 518,647 shares (-78.4%) from their portfolio in Q1 2025, for an estimated $27,088,932
- VANGUARD GROUP INC added 481,385 shares (+6.9%) to their portfolio in Q1 2025, for an estimated $25,142,738
- INVESCO LTD. added 468,745 shares (+13.2%) to their portfolio in Q1 2025, for an estimated $24,482,551
- PRICE T ROWE ASSOCIATES INC /MD/ added 438,790 shares (+7.8%) to their portfolio in Q1 2025, for an estimated $22,918,001
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$STEP Analyst Ratings
Wall Street analysts have issued reports on $STEP in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Oppenheimer issued a "Outperform" rating on 04/16/2025
To track analyst ratings and price targets for $STEP, check out Quiver Quantitative's $STEP forecast page.
Full Release
NEW YORK, May 21, 2025 (GLOBE NEWSWIRE) -- StepStone Group (Nasdaq: STEP), a global private markets solutions provider, today announced the opening of the new Ireland office at One Haddington Buildings, Dublin 4, of its subsidiary StepStone Group Europe Alternative Investment Limited (“SGEAIL”), an alternative investment fund manager regulated by the Central Bank of Ireland.
Having operated in Dublin since 2005 through a predecessor firm, SGEAIL enables EU-based clients to access private market investment solutions in private debt, private equity, real estate, and infrastructure and real assets. SGEAIL oversees €29.1 billion in AUM as of December 31, 2024, a significant increase from €20.6 billion in December 2022.
“Our growth in Ireland reflects the increasing demand for private market solutions globally, and especially among EU-based institutional and private wealth clients,” said David Allen, Partner and CEO of SGEAIL. “Our expanded space demonstrates our commitment to investing in the local economy and talent pool to meet this demand.”
Since 2021, the number of people working in StepStone’s Dublin office has doubled and now numbers 110 employees, approximately 10% of the firm’s global workforce. The new 12,000 square foot office allows the firm to continue to invest in talent to support the global client footprint, while providing the team with a modern workspace that was designed with teamwork, brand pride, wellness and sustainability in mind.
“StepStone Group's expansion in Dublin is a welcome development for our financial services sector, and highlights Ireland's position as a leading destination for global investment firms seeking to access the European market. I would like to congratulate the team at StepStone Group and wish them luck in this exciting new phase of their journey,” said Peter Burke, Minister for Enterprise, Tourism and Employment.
Michael Lohan, CEO of IDA Ireland, the agency responsible for attracting and retaining foreign direct investment into Ireland, said “StepStone’s announcement further underscores Ireland’s position as a leading location for global firms in the financial services sector. The combination of deep industry expertise, a strong pipeline of talent, and a stable, pro-business environment continues to attract companies looking for a strategic entry point to the EU and access to wider global markets. I want to wish StepStone every success and to assure them of our continued support and partnership as they expand their footprint in Ireland.”
In addition to managing EU-domiciled commingled funds and separate accounts for institutional clients, SGEAIL has in recent years served as a hub for StepStone’s expansion into the European private wealth market. Earlier this year, StepStone launched its first ELTIF focused on the private debt market and converted its existing RAIF funds into UCI Part II vehicles.
Savills Dublin served as StepStone’s tenant representative for the new office, and Calibro Workspace completed the space’s interior design and fitout.
About StepStone
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2024, StepStone was responsible for approximately $698 billion of total capital, including $179 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.
About IDA Ireland
IDA Ireland is the country's inward investment promotion agency, responsible for attracting and developing foreign investment in Ireland. With a proven track record of facilitating international companies, IDA Ireland offers a range of services to support businesses in establishing and expanding operations on the island. Our expert team works closely with companies across various industries, including technology, pharmaceuticals, financial services, and more, providing tailor-made solutions to meet their needs.
As a gateway to Europe, Ireland offers a competitive corporate tax rate, a young and highly skilled workforce, and a robust business environment, making it an ideal location for global companies looking to innovate and grow. Headquartered in Dublin, with a network of offices worldwide, IDA Ireland is committed to driving economic growth and job creation by fostering a vibrant and sustainable business ecosystem. For more information, visit www.idaireland.com or follow us on Twitter @IDAIRELAND.
StepStone Contacts:
Shareholder Relations:
Seth Weiss
[email protected]
+1 (212) 351-6106
Media:
Brian Ruby / Chris Gillick / Matt Lettiero
ICR
[email protected]
+1 (203) 682-8268
IDA Ireland Contact:
Rachel Bermingham
[email protected]
+353 087 437 6158
Photos accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ede6977b-e55f-436f-bd99-0846b67c4dc2
https://www.globenewswire.com/NewsRoom/AttachmentNg/a1446217-fe4f-4fd4-84f9-f55ff19333f2
