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StepStone Group opens New York office

StepStone Group, a provider of private equity investment management and advisory services, has opened an office in New York.

In addition, Johnny Randel has joined the firm as chief financial officer and chief operating officer. He will be based in New York.

StepStone Group works with institutional investors to build portfolios that include private equity fund investments, co-investments and secondary investments.

“This is an exciting time in the evolution of our firm, and it is an important time for private equity investors to be evaluating and possibly reconstituting their portfolios,” says Jose Fernandez (pictured), a managing director at StepStone. “New York has always been a key market for us, and our enhanced presence there will allow us to better serve the private equity community, particularly as LPs continue to invest in private equity partnerships or as they look to capitalize on discounts in the secondaries market. We expect our on-the-ground presence will help us source and evaluate investments for our clients in the primary, secondary and co-investment area.”

Randel will lead the firm’s monitoring and reporting division and oversee the firm’s financial activities and general administration.

He joins from Citi Private Equity, a business unit of Citigroup managing private equity co-investment, fund of fund and mezzanine products. He was responsible for managing financial and administrative activities and oversaw key control, audit, fiduciary, and compliance processes.

Prior to that, Randel was assistant treasurer for Citigroup, managing the company’s relationships with rating agencies and fixed income investors.

In addition to Randel, StepStone’s New York office will be staffed by Fernandez and Jim Gamett, managing director and head of secondary investments, who each spend a majority of their time managing the office.

Judy Kuan, an associate with StepStone, is also based in New York, and the firm is currently conducting a search for a vice president of secondary investments, who will also be based in New York.

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