StepStone closes Swiss Capital acquisition

The New York-based alternative asset manager has used the purchase to launch a new debt platform.

StepStone Group has finalised its acquisition of Swiss Capital Alternative Investments and launched new private debt and hedge fund arms, the company said on Wednesday.

Swiss Capital, a global alternative asset manager based in Europe, has more than $6.5 billion in assets under management. The acquisition price was not disclosed.

With the new platform, comprising StepStone Private Debt and StepStone Hedge Funds, the New York-based asset manager will strengthen its global private debt and hedge fund activities and expand its client network, according to a company statement. The combined platform will increase StepStone’s European team to 90 professionals across three offices, while Swiss Capital’s management will continue to lead and manage the private debt and hedge fund teams.

Monte Brem, chief executive at StepStone, said the acquisition and expansion come as many institutions “face overexposure to maturing bonds and low global yield” and will increasingly take advantage of alternative assets.

“The continued expansion of our capabilities in private debt and hedge funds provides replacement and diversification options for our clients’ investment portfolios and an important tool to help them meet their risk, return and liquidity criteria,” he added.

The asset manager first announced the acquisition of the European private debt and hedge fund company and new platform this May, as Private Debt Investor’s sister publication Private Equity International previously reported. Since then, StepStone has been in the process of obtaining required regulatory approvals, the company said.   

StepStone oversees over $100 billion of private capital allocations, and has approximately $28 billion of assets under management.