StepStone Group, a private equity consulting firm, will acquire Parish Capital Advisors, a private equity firm with $2 billion in assets under management, confirmed Caroline Luz, StepStone spokeswoman.
Terms were not disclosed.
The acquisition is expected to close in January and is subject to customary closing conditions.
Parish Capital focuses on small and niche private equity fund managers, offering funds of funds, separate accounts and co-investments. The acquisition will help StepStone expand its investment capabilities in the European small fund market.
David Jeffrey, a Parish managing partner, will join StepStone as a partner and head its European operations and business strategy. Charles Merritt and James Mason, both Parish Capital founding partners, will remain at StepStone “through the transition and in the long-term there will be a mutual assessment on whether there will be a role for them,” Ms. Luz said.
Colchester Partners advised Parish Capital.