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Tritium and StepStone acquire a majority stake in ATS

Access Technology Solutions has received an undisclosed majority investment from Tritium Partners and StepStone Group. Ocean Avenue Capital Partners also participated in the funding. Pacific Crest Securities served as financial advisor to ATS. Based in Provo, Utah, ATS is a provider of cross-border ecommerce solutions.

StepStone Collects $450 Mln for Secondary PE fund

StepStone Group said Tuesday it closed its secondary private equity fund at $450 million. StepStone Secondary Opportunities Fund II LP exceeded its original target of $350 million and closed at the hard cap. Together with allocated capital from separately managed accounts, StepStone has raised approximately $650 million for a focused and differentiated strategy within the secondaries market.

New Buyout Shop In Philly?

It appears there might be a new buyout shop in Philadelphia. Skip Maner, one of four managing principals at Inverness Graham Investments, another buyout shop based outside of Philadelphia, is now at a firm called Parkes Run Capital, according to his LinkedIn account. Parkes Run is “a private equity firm focused on lower middle market […]

Wisconsin to Commit $6B+ to PE Through 2016

Following the best performance in 25 years for Wisconsin’s main pension fund, the State of Wisconsin Investment Board outlined long range plans to commit more than $6 billion to private equity through 2016, including $1 billion in both 2011 and 2012, rising to $1.4 billion per year in 2015 and 2016, according to a report by StepStone Group, Wisconsin’s private equity advisor.

Overall, the IRR for Wisconsin’s private equity portfolio was 12.9 percent for the year through March, beating the portfolio’s 12.1 percent benchmark, according to StepStone. Private equity returns for Wisconsin represented a gain of $949 million for the year.

Top 10 Hub Posts This Week

Want to catch up on what your colleagues found most interesting on peHUB this week? Here are the posts written by our staff that garnered the most pageviews from March 21 to March 25.

1. Slideshow: Top 10 Largest First Rounds Of Internet Companies This Year by Larry Aragon

2. Meet the First ‘Social Media Analyst on Wall Street’ by Connie Loizos

3. Which Buyout-backed IPO in 2010 is the Best Performer? by Eamon Beltran

4. And the Winner of Mid-market Deal of the Year Is… by David Toll

5. Andreessen Horowitz Brings Aboard a Face Familiar to the VC Industry by Connie Loizos

6. By the Numbers: Washington State Investment Board’s Buyout Performance by David Toll

7. Yuri Milner Said To Purchase $70M Silicon Valley Home by Mark Boslet

8. If It’s Pizza You’re Ordering, MidOcean’s Had Enough by Bernard Vaughan

9. Looking For High-Growth, Low-Profile Startups? Check out Momentum Index by Connie Loizos

10. Did StepStone’s PCG ties Cost It The New Mexico Advisor Deal by Jon Marino

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Did StepStone’s PCG Ties Cost it the New Mexico Advisor Deal?

The New Mexico State Investment Council reversed its decision to hire Calif.-based StepStone Group to help it manage its $1.3 billion PE portfolio, and is now in final negotiations to hire LP Advisors as its private equity advisor instead. The council was “unable to reach a mutually satisfying agreement” with StepStone Group, its chief information […]

StepStone Assumes Management of Citi PE Funds

Citigroup has transferred management of various in-house private equity funds to StepStone Group. The bank also sold a portion of its interest in those funds to private equity group Lexington Partners. The two deals, first announced in July, are part of Citi’s strategy to reduce assets within Citi Holdings, the company’s portfolio of non-core operating businesses. Financial terms were not released.

StepStone buys SilverBrook Private Equity

StepStone Group has acquired SilverBrook Private Equity, the group announced today. Stepstone had previously purchased Citigroup Private Equity, and is on a stated mission of “balancing the firm’s US presence between the east and west coasts.” As part of the deal, Thomas Bradley, Mark Maruszewski, and Michael McCabe, the SilverBrook partners, will join StepStone as managing directors based in New York City. The financial terms of the deal were not disclosed.

StepStone Group Names Weichou Su as a Managing Director

StepStone Group LLC named Weichou Su a managing director in the firm’s new Beijing, China office, which officially opened on Sept. 14. Su will focus on investment activities in China and throughout Asia. Su previously served as a managing director of Hina Group.

Monte Brem Opening Stepstone’s Beijing Office

Monte Brem, founder and CEO of Stepstone Group, has relocated to Beijing to set up the private equity consulting firm’s first international office. The San Diego and New York-based firm plans to add a few professionals in Asia before eventually opening a European office. Founded in 2006, Stepstone offers investment advice for direct private equity […]

StepStone Group Opens New York Office

Johnny Randel has joined private equity advisory StepStone Group as chief financial officer and chief operating officer. He previously was with Citi Private Equity, and will work out of StepStone’s new office in New York City.

Moseley Quits StepStone, Had Become an “Unnecessary Distraction”

Stephen Moseley has stepped down as president of private equity consultant The StepStone Group, after being identified in news reports as a player in the New York kickback saga. In his letter of resignation, Moseley said:

“I have been assured by the Attorney General of New York that I am not a target of the ongoing industry investigation. However, press reports have raised my name, creating an unfair and unnecessary distraction for all of us.”

The reports Moseley refers to include a May 3 piece by Pensions & Investments, which claims Moseley was the unidentified Pacific Corporate Group executive named in state indictments against David Logisci and Hank Morris. It reads, in part:

StepStone Group Adds MD

StepStone Group, a La Jolla, Calif.-based PE asset management and consulting firm, has hired James Gamett for a new secondary investment division. Prior to joining StepStone, Mr. Gamett was Vice President of Secondary Investments at Portfolio Advisors. Press release: StepStone Group LLC today announced that James Gamett has joined the firm as Managing Director and […]

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