Client Success Stories
StepStone: Building a Flywheel for Growth
StepStone Group’s path to the public markets was shaped by a partnership that extended far beyond the IPO itself. In this Blueprint episode, Head of Strategy Michael McCabe shares how Morgan Stanley supported the asset management firm at pivotal inflection points—from translating complex private markets data into a compelling investor narrative, to enabling the distribution of StepStone’s products through Morgan Stanley Wealth Management. The result is a flywheel that continues to fuel StepStone’s growth.
Michael McCabe:
One of the threshold moments every company that prepares for a public listing is what's called the Analyst Day. Analysts from Wall Street line up in front of the management team saying, “Have you thought about this?” “How do you grow?” “What are the risks?”
This is what sets the tone for the entire market. It left no room for margin of error.
McCabe:
StepStone is a solution provider within the private markets that pairs off general partners who are directly investing in private companies, alongside limited partners who are investing in those general partners who are looking for exposure to the private markets.
We have a total capital responsibility of over $700 billion, and we do this across fund investments, co-investments, and secondary investments with a team of nearly 1200 people.
What really helped StepStone prepare for Analyst Day, more than anything else, was Morgan Stanley's ability to take lots of complex, dense data and convert that data into story form.
Elizabeth Dennis:
At Morgan Stanley, having worked with other asset managers in the M&A and strategic IPO markets, we were able to bring that expertise from the private space into the public markets.
Michael McGillen:
We drew on that experience and that knowledge base really to help StepStone’s team not only appreciate what investors will focus on, but where StepStone was differentiated. One aspect was its investments in data and analytics. Not only did this give StepStone theinsight to provide better solutions to its clients, but that puts it in a differentiated spot relative to a lot of firms out there that are really just managing their own funds.
McCabe:
After the public offering, to continue to further fund and finance the growth of our business, we also needed to think about issuing debt to bring in additional capital to fund our products, seed our technology, and continue to invest for growth.
Dennis:
Raising debt for StepStone gave them flexibility and it gave them unique access into the capital markets and really the stability that the debt markets provide, and we have very unique, amplified and scaled access to those debt capital markets.
McCabe:
Morgan Stanley's wealth management team and platform - that's the direct result of a vision that James Gorman shared at our AGM last year. And we had the products and the solutions that the Morgan Stanley wealth management team was looking for. And so today, StepStone is now working with the Morgan Stanley wealth management team in creating solutions for the private markets.
Dennis:
StepStone is a valued partner because they use us from an integrated firm perspective exactly the way we hope clients can see the full spectrum of our services.
From the strategic advice perspective, raising debt and equity, we worked with them on the stock plan administration side serving their broad employee base, we had the ability to also think about their wealth management distribution.
McCabe:
The reality is the relationship between StepStone and Morgan Stanley is a virtuous circle. It's almost a flywheel where the organizations are helping each other grow and when I think about StepStone's future, it couldn't be brighter.
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The Blueprint for StepStone
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From Private Markets to Public Confidence
Morgan Stanley helped StepStone translate the complexity of its private markets platform into a clear, compelling story for public market investors—shaping positioning, preparing for Analyst Day, and supporting a successful transition to its next stage as a public company.
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A Partnership Built to Compound
Beyond the IPO, Morgan Stanley supported StepStone across debt issuance, executive wealth management, employee stock plan administration, and product distribution through Wealth Management—creating a partnership that continues to fuel growth on both sides.
“The reality is the relationship between StepStone and Morgan Stanley is a virtuous circle. It's almost a flywheel where the organizations are helping each other grow, and when I think about StepStone's future, it couldn't be brighter.”
More Behind the Story
A deeper look at the integrated support that shaped StepStone’s path to becoming a public company.
Capital to Fund What’s Next
Beyond the IPO, Morgan Stanley led a debt issuance that expanded StepStone’s access to capital—supporting continued investment in products, technology and growth initiatives.
Ownership, Made Seamless
Morgan Stanley administers StepStone’s global employee stock plan, helping extend ownership across jurisdictions and support an entrepreneurial culture at scale.
Private Wealth at Pivotal Moments
Morgan Stanley provided private wealth guidance to its executives—supporting informed decisions at critical inflection points.
Bringing StepStone’s Solutions to Wealth Management Clients
Sparked by a shared vision articulated by former Morgan Stanley CEO James Gorman at StepStone’s annual meeting, the partnership took on new momentum.
As StepStone’s private‑markets capabilities aligned with the needs of Morgan Stanley Wealth Management clients, the firms worked together to distribute StepStone’s products to a broader investor base.
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This video was produced by Morgan Stanley and originally published on Morgan Stanley's website. StepStone Group and Morgan Stanley maintain multiple commercial relationships, for which Morgan Stanley receives compensation. The views expressed by Morgan Stanley personnel in this video should be considered in light of these relationships. StepStone was not separately compensated for this material.