StepStone Group
also referred to as: stepstone
10 statements across 1 episodes · 0 bullish · 2 bearish · 1 people on the record · first statement Mar 4, 2023 by Hunter Somerville · said 12 times in 2 episodes since 2023 · across every show →
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brought up most by Hunter Somerville (10)
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2025 2 mentions in 1 episode
Everything said about StepStone Group, oldest first
Mar 4, 2023 neutral
Mar 4, 2023 neutral
Somerville: LPs will downsize fund commitments rather than abandon top managers
“I think what you'll see is smaller investment sizes in the managers that they like. In the ones they really like, they'll just stay the same instead of growing. And in the ones that are on the fringe or in their, you know, respective penalty boxes, as you may …”
Mar 4, 2023
Somerville: Structured equity downside protections often evaporate prior to exit
“Structure doesn't necessarily stay when a company exits. It gets negotiated out by management or the rest of the board, and so you can think that you've protected yourself with structure, and it ends up absolutely evaporating.”
Mar 4, 2023 negative
Somerville: Depressed IPO and M&A markets force creative secondary liquidity
“And particularly in an environment like the one we have now, where other liquidity options are more limited. You're not seeing companies go public, you're not seeing strategic M&A as a robust of a clip, and so they need to think more creatively about getting l…”
Mar 4, 2023 negative
Somerville: Picking category winners in weak sectors yields poor growth-stage returns
“You can pick a winner in a bad category, and you can still really not do well if you're entering in at a growth phase. I think we've picked some companies that have proven to be the category leader, but if it's in an area like InsureTech, or areas of PropTech,…”
Mar 4, 2023
Mar 4, 2023 neutral
Mar 4, 2023
Somerville: Lateral partner hires can disrupt firm chemistry and create organizational risk
“I think on the fun side, just underestimating the human element with people that join on a lateral basis that have great pedigrees that you think will be additive, it's not always that way. You can have someone join and it completely messes up the chemistry of…”
Mar 4, 2023 neutral
Somerville: VC Funds with 3x-4x TVPI Can Accept 50% Secondary Discounts
“Now, if a fund is at a three to a four X and you're asking them to take a 50% discount, they're still going back to their board with a two X return and the ability from an opportunity cost standpoint to then deploy it. Into what we all expect to be very good v…”
Mar 4, 2023
Somerville: Denominator effect forces LPs into secondaries to rebalance portfolios
“The denominator effect is effectively when you have both a public and a private book, the public side has gone down more significantly. The private side has come down, but not at the degree or the speed that you've seen the public side go down. And what you're…”