StepStone appoints private equity head as co-chief executive

Scott Hart will work closely with chief executive officer Monte Brem as the firm seeks at least $1bn for its fourth flagship secondaries fund.

StepStone has named Scott Hart, a 12-year veteran of the private markets investment firm, as co-chief executive officer.

Hart, who is head of private equity, will work closely with founding partner and chief executive officer Monte Brem in overseeing the firm’s management and strategic direction, according to a statement.

“Whether helping to grow our leading co-investment business, or as head of private equity, [Hart] has shown that he is a talented investor, dealmaker and leader,” Brem said in the statement. “Scott exemplifies the entrepreneurial and collegial values that StepStone holds dear.”

StepStone is continually assessing its organisation and is committed to further strengthening its management team, the statement noted.

The firm is seeking at least $1 billion for its StepStone Secondary Opportunities Fund IV, as Secondaries Investor reported in March. Investors in the vehicle so far include Cathay Life InsuranceFubon Life Insurance and Los Angeles Fire & Police Pension System, according to Secondaries Investor data.

San Diego-based Hart is a member of the executive and private equity investment committees and helps to run the firm’s global co-investment practice. He joined StepStone in 2007 after working at Morgan Stanley and TPG Capital.

The appointment comes three months after Jason Ment was appointed as president and co-chief operating officer. Ment had previously been general counsel, chief compliance officer and co-COO.