StepStone Group plans to go public in an initial public offering that could raise as much as $100 million, according to a form filed Monday with the Securities and Exchange Commission.
Stepstone Group, an alternative investment manager with $67 billion in assets under management, said it has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol "STEP." The firm intends to use some of the proceeds from the sale of Class A stock to buy Class B units from certain unitholders including certain members of senior management.
The remaining proceeds will be used to repay debt and "for general corporate purposes," the filing said.
Some StepStone limited partners — unnamed pre-IPO institutional investors in the firm — will exchange all or a portion of their partnership interests for Class A common stock and cease being partners of StepStone Group, the filing said.
A StepStone spokesman declined to comment beyond the filing, including information about the timing of the IPO.