StepStone snaps up Greenpark

The deal comes after months of speculation and points to Greenpark's difficulty in raising its latest fund. It is understood that a number of the Greenpark team will join StepStone, although who or how many will do so has not yet been disclosed. The company's website does not yet detail any team members from Greenpark.

Greenpark's last fund was raised in June 2007, reaching its hard-cap of €730m, well above its €500m target, according to unquote" data. However, signs of trouble surfaced in June when it was reported that the International Finance Corporation, a division of the World Bank, had broken off an agreement with Greenpark, which saw as much as $100m taken out of a fund focused on emerging-market buyout stakes.

StepStone has been in an acquisitive mood in recent years, having previously purchased US secondaries firm Silverbrook Private Equity in 2010 and North Carolina-based fund-of-funds manager Parish Capital Advisors in 2011.

StepStone was unable to comment on the deal but confirmed that it has completed.

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• Secondaries
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• Greenpark Capital