StepStone Group will acquire Swiss Capital Alternative Investments, a European private debt and hedge fund solutions business, a news release said.
Terms of the deal are not being provided, spokeswoman Caroline Luz said in an e-mail. The deal is not scheduled to close until near the end of the year. Swiss Capital has $5 billion in assets under management.
Once the deal is closed, StepStone will launch two new money management businesses, StepStone Private Debt and StepStone Hedge Funds.
StepStone also announced it would be lifting out KPMG's infrastructure team led by James O'Leary, head of KPMG's institutional investment advisory business. Mr. O'Leary will become head of infrastructure and real assets for StepStone.
The infrastructure team is scheduled to start by the end of July. Manuel Goncalves, KPMG spokesman, could not be reached by press time.
StepStone has about $14 billion in AUM.