StepStone CEO Monte Brem said that the acquisition was not only part of its strategy to invest in small private equity funds but also a specific goal to grow its investment capabilities in small European funds.
Details regarding terms of the transaction were not disclosed, however, the acquisition is expected to close in January 2012, subject to customary requirements.
Parish Capital managing partner David Jeffrey will join StepStone as a Partner and will handle its European operations and business strategy.
StepStone has a strong presence in the US, Asia and the Middle East and caters customized portfolios to its investors. The firm has US$7.5bn of assets under management and oversees more than US$40bn of private equity allocations.
Colchester Partners served as the transaction advisor to Parish Capital.
Parish Capital is a private equity manager founded in 2003 and has US$2bn in assets under management. The firm offers its institutional investors with access to niche-focused investment strategies in private equity market while investing in experienced fund managers.
