Michael Cyprys

Benjamin Budish

Kenneth Worthington

Alexander Blostein

Alex Blostein

Christoph Kotowski

Ben Budish

John Dunn

Ken Worthington

- STEP Energy Services Ltd. has entered into a definitive agreement for an **all-cash take-private transaction** with funds advised by ARC Financial Corp..  **[1796022_65280b7333824741a895a7cd98994055_0]** 
- ARC will acquire the outstanding common shares it does not currently own for **$5.50 per Share**, representing a **29% premium** to STEP's September 24, 2025 closing price.  **[1796022_65280b7333824741a895a7cd98994055_0]** 
- The **$5.50 per Share** purchase price falls within the independent valuation range of **$4.80 to $5.70 per Share** determined by Ernst & Young LLP.  **[1796022_65280b7333824741a895a7cd98994055_1]** 
- The transaction, which has **unanimous Board approval**, is expected to close in **December 2025** and will result in STEP's delisting from the TSX.  **[1796022_65280b7333824741a895a7cd98994055_0]** **[1796022_65280b7333824741a895a7cd98994055_1]** **[1796022_65280b7333824741a895a7cd98994055_3]** 
- Minority Shareholders holding approximately **71.71%** of the Minority Shares have agreed to vote in favor of the Arrangement.  **[1796022_65280b7333824741a895a7cd98994055_0]**

STEP Energy Services Agrees to Take-Private Transaction

- **StepStone Real Estate (SRE)** finalized the size of its **StepStone Real Estate Partners V (SREP V) GP-led secondaries program** at **$5.3 billion**.  **[1796022_23bbbbc10b944af9955d977877f95b61_0]** 
- This includes **$4.5 billion** in total commitments announced in April 2025, with an additional **$800 million** in discretionary co-investment commitments secured as of **September 30, 2025**.  **[1796022_23bbbbc10b944af9955d977877f95b61_0]** 
- To date, SREP V has committed to **12 investments** totaling **$3.2 billion**, including co-investments, with an average investment size of approximately **$266 million**.  **[1796022_23bbbbc10b944af9955d977877f95b61_0]**

StepStone Real Estate Announces Program Size Increase for StepStone Real Estate Partners V

- StepStone Real Estate (SRE) and GREYKITE (GK) have agreed to recapitalize **Vitalia**, Spain's second-largest care home owner-operator, through the acquisition of a majority interest and a commitment of **over €500 million in growth capital**.  **[1796022_835c192c02e3415da0f35a41d1180814_0]** 
- Vitalia currently operates **75 care home facilities** and is expected to own and operate approximately **15,000 beds across Spain**, holding a **2.5% market share** in the fragmented Spanish care home sector.  **[1796022_835c192c02e3415da0f35a41d1180814_0]** 
- This transaction is the **tenth investment** for StepStone Real Estate Partners V (SREP V) and its **largest to date**, increasing SRE's healthcare real estate Assets Under Management (AUM) to approximately **$5.0 billion** post-transaction.  **[1796022_835c192c02e3415da0f35a41d1180814_0]** 
- For GREYKITE, Vitalia will be the **eighth portfolio company investment** for its inaugural GREYKITE European Real Estate Fund I.  **[1796022_835c192c02e3415da0f35a41d1180814_0]**

StepStone Real Estate and GREYKITE to Recapitalize Vitalia

- **StepStone Group** is partnering with Aviva to offer UK trust-based pension schemes access to global private markets through Aviva’s newly launched My Future Vision default strategy.  **[1796022_da76c9fbdf5442c09aad2dae2de457e8_0]** 
- The My Future Vision strategy will allocate **20–25%** to private markets, supporting the UK government’s call for Defined Contribution (DC) funds to boost UK private market investment.  **[1796022_da76c9fbdf5442c09aad2dae2de457e8_0]** 
- As one of five specialist managers selected by Aviva, StepStone will leverage its **$723 billion global platform** (as of June 30, 2025) to provide differentiated access to private market opportunities, aiming to enhance long-term outcomes for UK retirement savers.  **[1796022_da76c9fbdf5442c09aad2dae2de457e8_0]** **[1796022_da76c9fbdf5442c09aad2dae2de457e8_1]**

StepStone Group (STEP)