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StepStone acquires Swiss Capital: Launches StepStone private debt and StepStone hedge funds

Thursday, May 12, 2016
Opalesque Industry Update - StepStone Group LP, a global private markets advisory and asset management firm, today announced it will acquire Swiss Capital Alternative Investments AG, one of the leading private debt and hedge fund solutions providers in Europe. Completion of the consolidation will follow customary regulatory approvals and is expected to close before year end 2016. Terms were not disclosed.

Swiss Capital is an international alternative asset manager with more than US$5 billion of assets under management offering customized solutions across a variety of platforms to institutional investors, primarily in Switzerland, Germany and Austria.

As part of the acquisition, StepStone will launch StepStone Private Debt and StepStone Hedge Funds, which will combine StepStone’s global capabilities and significant institutional client network with Swiss Capital’s deep expertise in private debt and hedge fund strategies. This enhanced platform aims to deliver superior risk-adjusted returns through highly customized portfolios. StepStone already offers several private markets solutions, including private equity, private debt, real estate, infrastructure, and real assets. The addition of the Zurich and Dublin offices will expand StepStone’s local European presence to more than 70 professionals. Swiss Capital’s management team will continue to lead the private debt and hedge fund teams and is responsible for the management of these two business lines.

Monte Brem, Chief Executive Officer of StepStone, commented, “Private debt has become a crucial strategy as institutions facing overexposure to maturing bonds and low yields seek to diversify and replace current investments with debt instruments that can meet their return criteria. Swiss Capital’s deep expertise in constructing customized private debt solutions perfectly complements StepStone’s approach to serving clients in other private markets.”

David Jeffrey, StepStone Partner and the head of European operations, added, “The addition of the Swiss Capital team builds on StepStone’s expertise in private debt, allowing us to offer a full suite of private debt solutions, including hedge fund strategies. Swiss Capital has a proven track record of global execution that goes back nearly 20 years. Their team brings an important local presence in continental Europe, where their fluency with languages, cultures and regulatory processes are key differentiators in adding value to our clients’ investment decisions.”

Hans-Jörg Baumann, Chairman of Swiss Capital, commented, “This partnership is a unique combination of complementary offerings and skills. Both institutions have long track records of exceeding clients’ expectations and achieving strong returns for investors. Together, we will deliver expertise in assessing, investing, managing and advising on the entire range of alternative investments. This new partnership will benefit clients greatly by providing increased insight and access into all areas of the global private markets.”

Marcel Schindler, CEO of Swiss Capital, added, “Our expertise in investing in the full range of private debt activities and hedge funds is based on a customized approach combined with an in-depth knowledge of managing large-scale alternative investment portfolios. The combined StepStone platform allows for global expansion in investment capacity for the benefit of clients. Our robust infrastructure and investment knowledge is an edge in the alternative investment universe.”

Separately, StepStone also announced today that the infrastructure and real assets team from KPMG will be joining StepStone. The team is headed by James O’Leary, who will become head of StepStone’s Infrastructure & Real Assets business. He will be based in Sydney. O’Leary and his team established KPMG’s institutional investment advisory business in 2011 and have been advising global investment institutions for more than 10 years.

StepStone is a global private markets firm overseeing over US$81 billion of private capital allocations, including approximately US$14 billion of assets under management. It has over 170 professionals across eleven offices in Beijing, Hong Kong, La Jolla, London, New York, Perth, San Francisco, Sao Paulo, Seoul, Sydney, and Tokyo.

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