Alpha Buying: Inside the Portfolios of Elite Investors - Part 2

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12/12

Every so often in this business you run across a firm that has quietly built itself into a force of nature without the fanfare, noise, and chest-pounding that usually accompanies explosive growth. ...

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StepStone Group LP is one of those firms. Most investors could walk past their headquarters at 277 Park Avenue in New York and never realize they were in front of one of the most important private markets engines of capital in the world. Yet StepStone has become a dominant player across private equity, private credit, real estate, infrastructure and every corner of the private markets where institutional money hunts for returns that public markets do not always deliver.By the early 2020s StepStone had crossed more than one hundred billion in assets under management. Today the firm is responsible for more than two hundred billion in assets under management and more than seven hundred billion of client capital u","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4547":"WSB热门概念","BK4505":"高瓴资本持仓","ISBC":"投资者银行","CHYM":"Chime Financial, Inc.","BK4192":"特殊消费者服务","STUB":"StubHub Holdings, Inc","BK4081":"电力公用事业","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4108":"电影和娱乐","BK4588":"碎股","BK4227":"交易和支付处理服务","BK4551":"寇图资本持仓","BK4211":"区域性银行","BK4539":"次新股","BK4561":"索罗斯持仓","VIA":"Via Transportation, Inc.","BK4097":"系统软件","BK4023":"应用软件","BK4604":"机器人概念","BK4187":"航天航空与国防","BK4543":"AI","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","BK4585":"ETF&股票定投概念","KRMN":"Karman Holdings (TCFIII SPACECO HOLDINGS LLC)","PATH":"UiPath"},"translate_title":"阿尔法买入：精英投资者的投资组合内部-第2部分","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"VIA":1,"CHYM":1,"STUB":1,"KRMN":1,"PATH":1,"ISBC":1.5},"content_text":"Every so often in this business you run across a firm that has quietly built itself into a force of nature without the fanfare, noise, and chest-pounding that usually accompanies explosive growth. StepStone Group LP is one of those firms. Most investors could walk past their headquarters at 277 Park Avenue in New York and never realize they were in front of one of the most important private markets engines of capital in the world. Yet StepStone has become a dominant player across private equity, private credit, real estate, infrastructure and every corner of the private markets where institutional money hunts for returns that public markets do not always deliver.\nStepStone's story begins in 2006 when a small group of private equity veterans began building a firm from scratch with a very simple idea. If private markets were going to become as large and as essential as they appeared to be, institutions would need more than capital allocators. They would need true partners with deep research capability, global reach, and the ability to construct private portfolios with the same discipline and diversification that public markets investors take for granted. Monte Brem, Thomas Keck and their early team came out of the private equity world knowing how opaque these markets were and how much value could be created for clients simply by bringing data, intelligence and customization into an industry that had long been dominated by personal networks and manual underwriting.\nThe results speak for themselves. What started in 2006 as a boutique advisor has grown into a powerhouse. By the mid-2010s StepStone was advising and managing money for some of the largest pension plans, sovereign wealth funds, insurance companies and endowments on the planet. They became experts in primary fund allocations, secondary market transactions and direct co-investments at a time when demand for these strategies exploded. Private markets AUM across the industry grew at double digit rates through the decade and StepStone grew even faster because it had positioned itself specifically to meet that demand.\nThe real inflection point came when they realized that clients wanted more than advice. They wanted full-scale investment solutions. StepStone began launching commingled funds and customized portfolios that pulled all their capabilities together under one umbrella. They expanded into private credit, real assets, infrastructure and real estate. They built dedicated secondaries and co-investment teams. They began deploying capital directly into companies and assets alongside their fund managers. StepStone's differentiation was always its ability to combine breadth with deep local expertise. It became a global firm in every sense of the word.\nBy the early 2020s StepStone had crossed more than one hundred billion in assets under management. Today the firm is responsible for more than two hundred billion in assets under management and more than seven hundred billion of client capital under advisement.\nIt has become one of the central circulatory systems of the private markets world. If capital is moving into private equity, private credit, infrastructure or real estate, there is a very good chance StepStone is somewhere in the chain.\nOne of the most interesting chapters in StepStone's history has been its expansion into private wealth. Institutions are no longer the only players who want access to private markets. High net worth and mass affluent investors want in as well.\n StepStone has leaned aggressively into this shift with a full suite of private wealth solutions. These include diversified private equity strategies, venture and growth equity products, private credit funds and all-in-one multi asset private markets portfolios built for long term compounding. This is a powerful growth engine. Private wealth demand for private markets exposure is still in its infancy and StepStone is positioning itself as the first global scale provider capable of delivering institutional quality access to individual investors.\nIn the course of all this private market activity the firm inevitably ends up with a small portfolio of publicly traded companies.\nSome of the holdings probably came about as a result of private equity activities.\nOther were just businesses the firm stumbled upon that were too attractive not to buy.\nWhatever the reason since, since StepStone started filing a 13D back in 2013, replicating its strategies has crushed the overall market.\nReturns are very lumpy as is the case in most venture and growth-oriented firms with top-tier track records.\nIn bull markets, this portfolio has shown enormous gains.\nIt gets crushed in sell offs.\nMaking friends with volatility would improve upon the already great track record.\nHere are some holdings worth consideration by aggressive growth focused investors:\nUiPath (NYSE:PATH)UiPath is one of the leading enterprise automation platforms in the world. The company provides robotic process automation software that helps businesses automate repetitive tasks and integrate artificial intelligence into workflows. The platform is increasingly positioned as a foundation for broader automation strategies, combining machine learning, natural language processing and analytics to improve efficiency across large enterprises.\nThe growth opportunity for UiPath is tied directly to the adoption of automation across industries. Companies everywhere are under pressure to reduce costs, streamline processes and deploy AI in ways that produce measurable results. UiPath benefits from those trends. As automation becomes a core element of enterprise strategy rather than an experimental tool, UiPath's market expands. If it continues to improve product integration and increase customer penetration among large global firms, the company could compound revenue at attractive rates over the next decade.\nKarman Holdings (NYSE:KRMN)Karman Holdings operates in the aerospace and defense sector, focusing on precision-engineered systems used in missiles, space launch vehicles and other mission-critical applications. The company manufactures structures, propulsion components and deployment systems that serve major defense contractors and government agencies. It is a business built on technical capability and long-cycle contract relationships.\nThe growth potential for Karman is driven by global increases in defense spending and the rapid expansion of space and missile programs. Nations are investing heavily in modernization efforts, missile defense infrastructure and space-based capabilities. Karman is positioned to benefit from these multiyear spending cycles. If the company continues to win new contracts, scale production capacity and participate in the growing commercial and government space ecosystem, its revenue and earnings could accelerate meaningfully over time.\nStubHub Holdings (NYSE:STUB)StubHub operates a major digital marketplace for secondary ticket sales for sporting events, concerts and live entertainment. The business earns revenue by facilitating transactions between buyers and sellers and by capturing fees on each sale. The company benefits directly from the secular trend toward online ticketing and the increasing comfort consumers have with digital marketplaces.\nThe long-term growth prospects for StubHub rest on continued demand for live events and the expansion of the secondary market for premium entertainment experiences. As consumers prioritize experiences and event attendance continues to rebound, StubHub is positioned to capture more volume. The scalability of its platform means incremental revenue can translate into higher margins. If the live entertainment industry continues to grow and the company gains share from competitors, StubHub's earnings power could increase substantially.\nChime Financial (NASDAQ:CHYM)Chime is a digital banking platform focused on consumers who prefer mobile-first financial services. Its business model centers on offering basic banking services without traditional fees, supported by interchange revenue, partnerships and customer acquisition at lower cost than legacy banks. The company has built strong brand awareness among younger customers and those dissatisfied with traditional financial institutions.\nThe primary driver of Chime's growth potential is the ongoing shift toward digital banking. As more consumers adopt online and app-based banking solutions, Chime's addressable market expands. The company can deepen customer relationships through additional financial products, cross-selling and increased deposit growth. If Chime succeeds in building a full-scale digital banking ecosystem, its long-term revenue trajectory could be significant, though success will depend heavily on discipline in customer growth, regulatory management and product expansion.\nVia Transportation (NYSE:VIA)Via is a transportation technology company specializing in dynamic, on-demand shared mobility solutions. It builds software and operating systems for transit authorities, municipalities and private transportation providers, allowing them to manage fleets, optimize routes and offer efficient alternatives to traditional fixed-route transit or individual ride-sharing models. The company aims to position itself as a foundational infrastructure provider in the evolving mobility market.\nVia's growth potential comes from long-term trends in urbanization, sustainability and the global movement toward more efficient public transportation systems. Cities around the world are seeking lower-cost, lower-emission transit solutions, and Via's technology fits directly into that demand. If governments and transit operators continue adopting on-demand models, Via could become an essential provider of software and operational tools. The growth runway is substantial, though dependent on policy decisions, budget cycles and technology adoption rates.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}