On September 9, 2024, StepStone Group Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) by and among the Company, StepStone Group LP, a Delaware limited partnership (the “Partnership”), and Goldman Sachs & Co. LLC, as underwriter (the “Underwriter”), providing for the offer and sale by the Company (the “Offering”) of 4,099,997 shares of the Company’s Class A common stock, par value $0.001 per share (“Class A Common Stock”) at a public offering price of $50.00 per share. The Offering closed on September 11, 2024.
The Company intends to use all of the net proceeds from the Offering, after underwriting discounts and commissions and expenses, to purchase shares of Class A Common Stock from certain holders thereof and to pay cash upon exchange of Class B units of the Partnership (together with an equal number of shares of Class B common stock of the Company) and Class C units of the Partnership, as applicable, by certain holders thereof, including certain directors and executive officers of the Company. As a result, the Company will not retain any net proceeds from the Offering, and the Company expects the Offering will result in no dilution to existing stockholders.
The Underwriting Agreement contains customary representations and warranties of the parties, and indemnification and contribution provisions under which the Company and the Partnership have agreed to indemnify the Underwriter against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Pursuant to the Underwriting Agreement, the Company has agreed, subject to certain exceptions, not to sell or transfer any shares of Class A Common Stock or any securities convertible into or exercisable or exchangeable for Class A Common Stock for 60 days after September 9, 2024 without first obtaining the written consent of the Underwriter. The foregoing description is a summary and is qualified in its entirety by reference to the complete text of the Underwriting Agreement filed as Exhibit 1.1 hereto and incorporated herein by reference.
The Offering was made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”) on November 15, 2021 (File No. 333-261076), a base prospectus included as part of the registration statement, and a prospectus supplement, dated September 9, 2024, filed with the SEC pursuant to Rule 424(b) under the Securities Act. The Company is filing as Exhibit 5.1 to this Current Report on Form 8-K an opinion of its counsel, Gibson, Dunn & Crutcher LLP, regarding the validity of the shares of Class A Common Stock sold in the Offering.
(d) Exhibits
