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Steward Asset Management
Sheryl Mejía founded Steward Asset Management in 2020 as an anchor LP for emerging small buyout funds in the US middle market.
Steward Asset Management
Steward Asset Management was founded in 2020 by Managing Partner Sheryl Mejía and operates as a dedicated fund-of-funds manager out of New York. The firm concentrates its capital on first- and second-time institutional funds, positioning itself as a strategic anchor that provides both early commitments and operational support through its Mentor-Anchor Program. Steward builds diversified portfolios across small buyout, growth equity, special situations, and infrastructure vehicles. The firm targets innovation and disruption within healthcare, consumer, industrial, and technology sectors, exclusively in the US middle market. Its Anchor Strategy seeks to improve the risk-return equation by negotiating for GP economics alongside limited partner capital, coupling disciplined underwriting with governance rights. Unlike broad-based fund-of-funds allocators, Steward specifically pursues smaller fund launches where capacity is constrained and early entry can capture manager alpha. Day-to-day investing is led by Mejía alongside a compact team that includes Partner Christine Egan and Principal John van Puijenbroek. The investment committee adds Wayne Nemeth and Christine Kwak, while an advisory board — featuring Steve Marks, Milton Irvin, Alhadi Alwazir, Melanie Santos Grant, and Chris Hayes — provides sector and operational guidance. Steward has not publicly disclosed its total AUM or deployment to date. Steward’s structure differs from conventional fund-of-funds by embedding an anchor-partner function directly into its investment model. By committing early to emerging managers, the firm secures fee concessions and capacity rights that passive allocators typically cannot access. The Mentor-Anchor Program formalizes this relationship, offering portfolio-company-level operational expertise alongside capital, which the firm argues improves outcomes for both the GP and its own LP base.
General information
Firm type
Private Equity
Year founded
2020
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Sheryl Mejía
Managing Partner
Christine Egan
Partner
John van Puijenbroek
Principal
Vera Joffe Shapiro
Operating Partner
Wayne Nemeth
Investment Committee
Christine Kwak
Investment Committee
Sector focus
Frequently asked questions
How does Steward Asset Management source its underlying fund investments?
Steward uses an anchor-investor model, targeting first- and second-time fund launches where the manager is raising a debut institutional vehicle. The firm commits early in the fundraising process, often before a formal first close, which allows it to negotiate for GP economics, fee breaks, and capacity rights.
Does Steward function as a traditional fund-of-funds, or does it co-invest directly?
Steward primarily operates as a fund-of-funds, building diversified portfolios across small buyout, growth equity, special situations, and infrastructure vehicles. Its public materials emphasize fund commitments through the Anchor Strategy, though the firm notes it also reviews direct deal opportunities on a selective basis.
What investment stages and fund sizes does Steward target?
Steward concentrates on smaller managers raising debut and second institutional funds. The firm focuses on small buyout and growth equity strategies specifically within the US middle market, where it believes inefficiencies and limited LP attention create an alpha opportunity for early, strategic allocators.
Which sectors does Steward explicitly avoid?
Steward's stated investment lens covers healthcare, consumer, industrial, and technology sectors. The firm has not published a formal exclusion list, but its strategy materials make no mention of natural resources, upstream energy, or pure-play financial services, suggesting those sit outside its current mandate.
What is the Mentor-Anchor Program and how does it affect fund terms?
The Mentor-Anchor Program is Steward's structured approach to providing operational support to the GPs it backs. In exchange for early and meaningful capital commitments, Steward works alongside emerging managers on portfolio-company value creation, governance, and institutional best practices, while typically securing preferential fees and capacity rights.
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