Funds managed by Fidelity Investments and T. Rowe Price Group Inc. are backing investment advisory firm StepStone Group ahead of a potential initial public offering as soon as 2020, according to people with knowledge of the matter.
Fidelity and T. Rowe vehicles and a U.S. family office collectively bought a 14.4% stake in the company, with the Fidelity funds snapping up about 8%, said one of the people, who asked not to be identified because the matter is private. StepStone raised $115 million from 12 investors, according to an Aug. 28 filing.