LA JOLLA, Calif.–(BUSINESS WIRE)–StepStone Group LLC (“StepStone”) today announced that it has been hired by the State of Wisconsin Investment Board (“SWIB”) to assist SWIB in making specialized private equity fund investments.
StepStone will identify funds that have specific geographic, industry or investment structure focus, among others. SWIB intends to utilize the targeted exposure generated by this program to improve the diversification and risk-adjusted returns of its private equity portfolio.
“We are very impressed with the research and analytical capabilities of the StepStone team,” said Scott Parrish, Private Equity Portfolio Manager for SWIB. “The investment approach that StepStone utilizes will allow SWIB to identify specialized areas of the private equity market that are expected to out-perform and the top managers with which to invest in these areas.”
“StepStone is honored to have the opportunity to work with SWIB,” said Monte Brem, Chief Executive Officer of StepStone. “SWIB is a leading limited partner in the private equity sector and has a stellar reputation as a highly sophisticated and intelligent investor. We look forward to collaborating with SWIB to assist them in augmenting their portfolio with exposure to the areas of private equity that will lead the market.”
SWIB is the state agency that invests the assets of the Wisconsin Retirement System, Wisconsin State Investment Fund and other state of Wisconsin Trust Funds. Assets under management at SWIB are $93 billion. This includes the nearly $87 billion in trust funds of the Wisconsin Retirement System (WRS), which provides benefits to over 533,000 current or former employees of state agencies, the university system, school districts and most local governments. The WRS is the 9th largest US public pension fund and the 22nd largest public or private pension fund in the world.
About StepStone Group
StepStone Group LLC offers customized private equity investment management and advisory services to institutional clients using industry leading analytics and research capabilities, with a focus on providing highly responsive and collaborative client service. StepStone Group was founded on the principle that the primary asset of the firm is its diverse team of professionals. The firm takes extreme care to develop and safeguard this asset to ensure greater value creation for clients. For more information about the firm, its philosophy and services please visit www.StepStoneLLC.com.
