StepStone issues $175 million of 5.52% senior notes due 2029 via private placement
StepStone Group LP, the operating subsidiary of StepStone Group Inc., issued $175 million of 5.52% Series A senior notes maturing October 22, 2029, under a note purchase agreement dated October 22, 2024. The company plans to use the proceeds for general corporate purposes, including investments, debt repayment and distributions, which adds fixed debt obligations for the firm.
Key points
- Principal amount: $175 million; interest at 5.52%, paid semi-annually starting April 22, 2025
- Notes mature October 22, 2029; prepayable at any time, subject to make-whole terms before April 22, 2029
- Covenants include a maximum Total Net Leverage Ratio of 3.5 to 1.0 and a requirement that at least 80% of Management Fees be received without material deferral, waiver or reduction
- Change of control triggers an offer to repurchase at 100% of principal plus accrued interest
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:01 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 22, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.