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Brian Borton, CFA
Partner - VC & Growth Equity at StepStone Group
Brian Borton is a Partner at StepStone Group, a global private markets investment firm based in La Jolla, California. He has been with StepStone since 2012 and was promoted to Partner in January 2021. His primary focus is on venture capital and growth equity investments, managing over $25 billion across various funds and investment strategies, including direct co-investments and secondary investments.123
Professional Background
- StepStone Group: Borton has held multiple roles since joining the firm, starting as an Analyst and progressing through various positions, including Senior Associate and Vice President, before becoming a Principal and then Partner.12
- Previous Experience: Prior to StepStone, he worked as an Investment Banking Associate at Focus Strategies, where he advised on mergers and acquisitions, and as an Equity Research Associate at Brandes Investment Partners, focusing on public equity investment research.15
Education and Credentials
- Education: Borton holds a Bachelor of Business Administration (BBA) in Finance from The University of Texas at Austin, graduating in 2008.1
- Certifications: He is a Chartered Financial Analyst (CFA) charterholder and possesses Series 82 and Series 63 licenses from FINRA.1
Borton is recognized for his contributions to the firm’s growth, particularly in venture capital, during a time when the market is experiencing challenges related to liquidity.4
Highlights
Thanks Rebecca Szkutak for the great coverage on TechCrunch highlighting StepStone Group's VC secondaries practice and how LPs are viewing the market opportunity today!
"Borton said that $3.3 billion is actually a small fund when you look at the potential size of the venture secondaries market which continues to grow as startups continue to stay private for longer.
“We have the largest fund but we truly believe that is still undersized relative to the market opportunity in front of us,” Borton said. “This allows to be very selective in what we choose and transact on.”
Great coverage today of StepStone Group's VC secondaries practices in the The Wall Street Journal!
"Limited partners don’t always have a detailed view of all the startups their fund investments back, creating an opportunity for StepStone to spot deals where fund stakes might be worth more than what LPs think, Borton said.
“This creates a tremendous arbitrage opportunity for us to capitalize on,” Borton said. The firm has bought stakes over the past year at 50% to 100% discounts, he added, noting 90% of gains within its secondary venture fund portfolio come from valuation growth as opposed to discounted entry."
