Core Insights - Morgan Stanley has signed an agreement to acquire EquityZen, a platform specializing in private share transactions, with undisclosed financial terms [1] - The acquisition aims to enhance Morgan Stanley's service offerings for private companies and their stakeholders, including cap table management and liquidity events [2][5] Company Overview - EquityZen, launched in 2013, connects retail investors with shares in private companies and has over 800,000 registered users [2] - The platform has processed more than 49,000 transactions across over 450 firms and is based in New York with approximately 50 employees [2] Strategic Intent - The acquisition is intended to provide new liquidity options for participants in the Morgan Stanley at Work program and increase access to private shares for wealth management clients [4] - EquityZen's CEO emphasized that the partnership is about scaling and reaching more investors, aligning with the mission to bring private markets to the public [3] Market Context - The integration of EquityZen's model is expected to give private companies more control over the management and timing of their shares trading [3] - Morgan Stanley's Wealth Management head noted that the acquisition addresses client needs as companies remain private longer, providing seamless liquidity solutions for employees and early investors [5] Future Developments - The acquisition is anticipated to be finalized in early 2026, pending regulatory clearance and customary closing conditions [4] - Morgan Stanley is also involved in arranging a risk transfer linked to a $6 billion portfolio of loans to private market funds, which could involve around $750 million [6]

Company Overview - StepStone Group has opened a new office in Dublin, Ireland, under its subsidiary StepStone Group Europe Alternative Investment Limited, which is regulated by the Central Bank of Ireland [2] - The firm has been operating in Dublin since 2005 and provides EU-based clients access to private market investment solutions across various asset classes [3] Financial Performance - As of December 31, 2024, StepStone Group Europe Alternative Investment Limited oversees €29.1 billion in assets under management (AUM), a significant increase from €20.6 billion in December 2022, reflecting a growth of approximately 41% [3] Workforce Expansion - The number of employees in StepStone's Dublin office has doubled since 2021, reaching 110 employees, which constitutes about 10% of the firm's global workforce [4] - The new office spans 12,000 square feet and is designed to foster teamwork, brand pride, wellness, and sustainability [4] Market Position - The expansion in Dublin is seen as a positive development for Ireland's financial services sector, reinforcing the country's status as a prime location for global investment firms seeking access to the European market [5][6] - StepStone's growth in Ireland is attributed to the increasing demand for private market solutions among EU-based institutional and private wealth clients [4] Strategic Initiatives - StepStone has recently launched its first European Long-Term Investment Fund (ELTIF) focused on the private debt market and has converted existing RAIF funds into UCI Part II vehicles [6]