StepStone, Real Assets Group Finalise Merger

The merger between StepStone Group LP and Real Assets Group, also known as SIRA, has finally been concluded and announced.

StepStone is a leading global private markets asset management and advisory firm.

The company on Monday announced that the expanded StepStone Infrastructure is now fully integrated into the firm and actively conducting business for StepStone clients.

In May, it announced that KPMG’s Infrastructure and Real Assets Investment Advisory Team would join StepStone.

Monte Brem, Chief Executive Officer of StepStone, commented, “We are pleased at how quickly and seamlessly the SIRA team has become integrated into the firm and our existing infrastructure and real assets team, and we thank KPMG for their ongoing support of that transition.

“Building an exceptional infrastructure and real assets investment platform with global coverage has been a top priority for StepStone, and the addition of James and his team allows us to provide the full scope of solutions, tailored to the specific needs of each institution, as our clients seek to balance their portfolios by investing in quality infrastructure and real assets opportunities.”

StepStone also announced the addition of two new senior executives to the SIRA team. Simon Beer will be joining as Head of Asset Management, responsible for the oversight of asset value creation initiatives for the SIRA platform, and Enrique Fuentes will become a Senior Advisor, responsible for supporting SIRA’s activities in Europe, with a particular focus on working with major industrial partners in the region.

Mr O’Leary stated, “Our goal is to adhere to StepStone’s philosophy of being trusted partners to institutional investors seeking customized global solutions throughout the investment life cycle.

“As a large global player, we are strategically placed to provide our infrastructure and real asset clients with the full spectrum of support, including primary and secondary fund advice, co-investments, tailored investment solutions, asset management and transaction advisory services.

“We are delighted to announce the addition of Simon and Enrique, whose significant experience on both the investment and industrial sides will further deepen our sector, technical and regional specialization, for the benefit of our investors globally.”

Mr Beer has specialized in infrastructure asset management and value creation in a career spanning 15 years. Prior to joining StepStone, he was responsible for developing infrastructure asset management strategies as a senior member of the Value Creation team at Ontario Teachers Pension Plan.

Before that, he was a partner in KPMG’s advisory practice, advising investors, operators, regulators and governments on infrastructure, energy and natural resources opportunities.

Earlier, he worked for the major international energy company BP and a leading engineering firm, Kellogg Brown and Root, advising investors and working on projects across North and South America, Europe, Africa, Asia and Australia.

He recently assisted with the optimization and subsequent public offering of a US$1.5 billion transmission and distribution asset, helped a major pipeline operator identify and deliver operations performance improvements and has significant experience in major capital projects.

Mr Beer said, “I’m excited about joining StepStone and look forward to delivering a tailored client-focused approach toward infrastructure investment and asset management that focuses on maximizing value and reducing risk to clients.

“At such an important time in the evolution of the investment sector, it will be great to work with portfolio company management teams and the wider StepStone group to deliver real value over the investment life cycle.”

Mr Fuentes has 25 years of experience in private infrastructure financing, development and strategy. Before joining SIRA, he worked in a range of investment and advisory roles in the sector.

Mr Fuentes was previously a Development Director at Ferrovial for over 13 years. He has significant experience on industrial projects, and has been a champion of innovative cooperation strategies between financial investors and developers.

Specifically, he has worked on over 15 investments in transportation infrastructure assets with an aggregate enterprise value in excess of EUR 15 billion. He also played a leading role in the transformation of Ferrovial from a construction company mainly focused in the Spanish market into one of the world´s largest private transportation infrastructure developers.

Mr Fuentes commented, “Having participated from the early years in the development of private infrastructure, and having observed how the market has evolved, I believe that investment by institutional investors and cooperation between investors and developers will be two key strategic trends in the future of this significant and fast-growing asset class. I am very pleased to join StepStone and hope to use my knowledge and experience to benefit StepStone’s investors around the world.”