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Report: Fidelity, T. Rowe Price funds acquire stakes in StepStone

Funds managed by Fidelity Investments, T. Rowe Price Group Inc. and a U.S. family office purchased stakes in StepStone Group LP, Bloomberg News reported, citing people with knowledge of the matter.

The entities collectively purchased a 14.4% stake, with Fidelity funds acquiring a roughly 8% stake, sources told the news service. The investments come as the investment advisory company is reportedly considering an IPO as soon as 2020.

Spokespersons for Fidelity, T. Rowe Price and StepStone declined to comment to S&P Global Market Intelligence.

StepStone had more than $260 billion in asset allocations and more than $52 billion in assets under management as of March 31, according to its website.