US advisory firm StepStone Group now has offices on both coasts with the hire of Stephen Moseley as a New York-based president.
“It’s clear that having more horsepower in this time zone will be helpful, because New York is central to the private equity universe,” Moseley told PEO.
Moseley was most recently a managing director at Estes Management, which administered a $775 million co-investment fund. Before, he was a managing director and co-president of PCG Capital Partners, an affiliate of gatekeeper Pacific Corporate Group that managed a $500 million direct investment fund and a $150 million co-investment fund.
The PCG background is a common denominator among StepStone’s founders and senior executives.
“There’s a lot of common history and that gives us all comfort,” Moseley acknowledged. “I’ve always thought it would be great to grow a business with people I know well. Here’s a chance to do that [in] an industry that I believe in.”
Tapped to lead the Southern California-based firm’s co-investment activities, Moseley said one of his first key initiatives is to expand StepStone’s programme.
There is “tremendous opportunity to deepen relationship with targeted GPs, assess new potential fund relationships and support overall returns”, Mosely said.
“Steve’s appointment will allow us to offer an integrated approach to fund investing and co-investing that we think is superior to the stand-alone co-investment programs currently offered by others,” Monte Brem, StepStone chief executive and co-founder, said in a statement. Brem noted Moseley has extensive experience managing co-investment funds.
In addition to his roles at Estes and PCG, Moseley has also been a managing director at mid-market firm Rutledge Capital, a vice president/ principal in CS First Boston’s private equity group, Windward Capital Partners, and an investment banker for Dillon Read & Co. and Merrill Lynch.
StepStone was founded last year and its clients include the Kuwait Investment Authority, the George Kaiser Family Foundation, the Los Angeles Fire and Police Pensions and the State of Wisconsin Investment Board.