Associate/Senior Associate - Private Equity

StepStone Group•La Jolla, CA

About The Position

StepStone is a global private markets specialist that delivers tailored investment solutions, advisory services, and data-driven insights to investors. The Associate/Senior Associate will work broadly across private equity, with a focus on co-investments and primary fund investments, and will take meaningful ownership throughout the investment process—from sourcing and screening through diligence, underwriting, Investment Committee preparation, execution, and portfolio monitoring. The successful candidate will drive workstreams, develop independent investment perspectives, identify risks and opportunities, and turn analysis into clear recommendations for senior colleagues and Investment Committee discussions. The role requires increasing autonomy, accountability for high-quality execution, and the ability to manage multiple priorities in an entrepreneurial, collaborative, low-ego environment. The individual will assess individual opportunities while considering portfolio construction and exposures across managers, industries, geographies, and stages. The position also involves maintaining relationships with private equity sponsors, intermediaries, advisors, and investors; contributing to broader portfolio and market discussions; and supporting junior team members as appropriate to the candidate’s level. The stated salary range is $122,000–$180,000. Actual pay may vary according to job-related factors, and the range excludes benefits and other possible compensation. StepStone is an equal opportunity employer and describes its organizational community as including Employment Resource Groups and mentorship programs.

Requirements

2–4+ years of private equity experience, preferably including co-investments and/or primary fund investing, or other relevant investment experience.
Demonstrated experience evaluating private equity investments; transaction execution experience and exposure to manager, fund, and track-record analysis are preferred.
Strong quantitative and financial modeling skills, including the ability to assess valuation, investment returns, and sensitivities.
Strong understanding of risk/reward trade-offs and sound investment judgment.
Self-starter able to independently structure analysis, identify important diligence questions, work a deal, and think creatively when evaluating and progressing opportunities.
Strong interpersonal skills and ability to synthesize detailed analysis into concise, decision-useful recommendations and communicate and present ideas effectively verbally and in writing.
Ability to manage multiple concurrent priorities, with strong attention to detail and accountability for deliverables.
Positive, team-oriented attitude and desire to develop, coach, and lead deal teams as experience and responsibility increase.
Fluent written and spoken English.
Ownership mentality and willingness to take initiative beyond assigned tasks.
Strong judgment and comfort working in a fast-paced environment with evolving priorities.
Collaborative, low-ego approach and ability to work effectively across seniority levels and functions.
Must be at least 18 years old to apply.

Nice To Haves

CFA and/or MBA.
Private equity experience including co-investments and/or primary fund investing.
Transaction execution experience and exposure to manager, fund, and track-record analysis.

Responsibilities

Own key workstreams across sourcing, screening, due diligence, underwriting, and execution of private equity co-investments and primary fund investment opportunities, using the firm’s global network.
Evaluate and analyze buyout co-investment transactions across industries and geographies, and primary fund opportunities across managers, strategies, sectors, and regions.
Assess private equity managers and funds, including team capabilities, investment strategy, track record, portfolio construction, market positioning, alignment of interests, and key terms.
Lead and coordinate elements of due diligence with fund managers, company management teams, investment bankers, advisors, and internal teams; identify investment considerations and opportunities and progress investments toward decisions.
Develop financial and investment analyses, including valuation, leveraged buyout, and cash flow analyses as appropriate; evaluate assumptions, sensitivities, and risk/reward considerations.
Prepare and present due diligence materials and Investment Committee memoranda for co-investments and primary fund investments.
Develop an independent investment perspective, synthesize quantitative and qualitative information into conclusions and recommendations, and communicate and defend those views in team discussions and Investment Committee meetings.
Coordinate transaction execution, closing, and structuring for co-investments and fund commitments, identifying and helping resolve issues.
Monitor existing investments and fund relationships, evaluate performance and material developments, and maintain relationships with private equity sponsors, intermediaries, advisors, and other investors.
Represent the firm professionally in external interactions and contribute to portfolio and market discussions by identifying themes, trends, and potential opportunities across managers, strategies, and sectors.
Support junior team members by reviewing work, sharing investment perspectives, and providing guidance as appropriate to level.