UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

SCHEDULE 13G

 

 

Under the Securities Exchange Act of 1934

(Amendment No. )*

 

 

UserTesting, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

91734E101

(CUSIP Number)

December 31, 2021

(Date of Event Which Requires Filing of this Statement)

 

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

Rule 13d-1(b)

 

Rule 13d-1(c)

 

Rule 13d-1(d)

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


  1    

  NAMES OF REPORTING PERSONS

 

  StepStone Group LP

  2  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)  ☐        (b)  ☒

 

  3  

  SEC USE ONLY

 

  4  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH:

   5    

  SOLE VOTING POWER

 

  0

   6  

  SHARED VOTING POWER

 

  21,649,381

   7  

  SOLE DISPOSITIVE POWER

 

  0

   8  

  SHARED DISPOSITIVE POWER

 

  21,649,381

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  21,649,381

10  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  ☐

11  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  15.2%

12  

  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

  PN


  1    

  NAMES OF REPORTING PERSONS

 

  StepStone VC Global Partners VII-A, L.P.

  2  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)  ☐        (b)  ☒

 

  3  

  SEC USE ONLY

 

  4  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH:

   5    

  SOLE VOTING POWER

 

  0

   6  

  SHARED VOTING POWER

 

  2,860,390

   7  

  SOLE DISPOSITIVE POWER

 

  0

   8  

  SHARED DISPOSITIVE POWER

 

  2,860,390

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  2,860,390

10  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  ☐

11  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  2.0%

12  

  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

  PN


  1    

  NAMES OF REPORTING PERSONS

 

  StepStone VC Global Partners VII-C, L.P.

  2  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)  ☐        (b)  ☒

 

  3  

  SEC USE ONLY

 

  4  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH:

   5    

  SOLE VOTING POWER

 

  0

   6  

  SHARED VOTING POWER

 

  275,958

   7  

  SOLE DISPOSITIVE POWER

 

  0

   8  

  SHARED DISPOSITIVE POWER

 

  275,958

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  275,958

10  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  ☐

11  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  0.2%

12  

  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

  PN


  1    

  NAMES OF REPORTING PERSONS

 

  StepStone VC General Partner VII, L.P.

  2  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)  ☐        (b)  ☒

 

  3  

  SEC USE ONLY

 

  4  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Cayman Islands

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH:

   5    

  SOLE VOTING POWER

 

  0

   6  

  SHARED VOTING POWER

 

  3,136,348

   7  

  SOLE DISPOSITIVE POWER

 

  0

   8  

  SHARED DISPOSITIVE POWER

 

  3,136,348

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  3,136,348

10  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  ☐

11  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  2.2%

12  

  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

  PN


  1    

  NAMES OF REPORTING PERSONS

 

  StepStone VC Opportunities III, L.P.

  2  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)  ☐        (b)  ☒

 

  3  

  SEC USE ONLY

 

  4  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH:

   5    

  SOLE VOTING POWER

 

  0

   6  

  SHARED VOTING POWER

 

  4,677,285

   7  

  SOLE DISPOSITIVE POWER

 

  0

   8  

  SHARED DISPOSITIVE POWER

 

  4,677,285

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  4,677,285

10  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  ☐

11  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  3.3%

12  

  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

  PN


  1    

  NAMES OF REPORTING PERSONS

 

  StepStone VC Opportunities General Partner III, L.P.

  2  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)  ☐        (b)  ☒

 

  3  

  SEC USE ONLY

 

  4  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH:

   5    

  SOLE VOTING POWER

 

  0

   6  

  SHARED VOTING POWER

 

  4,677,285

   7  

  SOLE DISPOSITIVE POWER

 

  0

   8  

  SHARED DISPOSITIVE POWER

 

  4,677,285

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  4,677,285

10  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  ☐

11  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  3.3%

12  

  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

  PN


  1    

  NAMES OF REPORTING PERSONS

 

  StepStone VC Secondaries Fund III, L.P.

  2  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)  ☐        (b)  ☒

 

  3  

  SEC USE ONLY

 

  4  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH:

   5    

  SOLE VOTING POWER

 

  0

   6  

  SHARED VOTING POWER

 

  5,204,266

   7  

  SOLE DISPOSITIVE POWER

 

  0

   8  

  SHARED DISPOSITIVE POWER

 

  5,204,266

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  5,204,266

10  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  ☐

11  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  3.6%

12  

  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

  PN


  1    

  NAMES OF REPORTING PERSONS

 

  StepStone VC Secondaries General Partner III, L.P.

  2  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)  ☐        (b)  ☒

 

  3  

  SEC USE ONLY

 

  4  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH:

   5    

  SOLE VOTING POWER

 

  0

   6  

  SHARED VOTING POWER

 

  5,204,266

   7  

  SOLE DISPOSITIVE POWER

 

  0

   8  

  SHARED DISPOSITIVE POWER

 

  5,204,266

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  5,204,266

10  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  ☐

11  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  3.6%

12  

  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

  PN


  1    

  NAMES OF REPORTING PERSONS

 

  StepStone VC Secondaries Fund IV, L.P.

  2  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)  ☐        (b)  ☒

 

  3  

  SEC USE ONLY

 

  4  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH:

   5    

  SOLE VOTING POWER

 

  0

   6  

  SHARED VOTING POWER

 

  8,631,482

   7  

  SOLE DISPOSITIVE POWER

 

  0

   8  

  SHARED DISPOSITIVE POWER

 

  8,631,482

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  8,631,482

10  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  ☐

11  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  6.0%

12  

  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

  PN


  1    

  NAMES OF REPORTING PERSONS

 

  StepStone VC Secondaries General Partner IV, L.P.

  2  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)  ☐        (b)  ☒

 

  3  

  SEC USE ONLY

 

  4  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH:

   5    

  SOLE VOTING POWER

 

  0

   6  

  SHARED VOTING POWER

 

  8,631,482

   7  

  SOLE DISPOSITIVE POWER

 

  0

   8  

  SHARED DISPOSITIVE POWER

 

  8,631,482

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  8,631,482

10  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  ☐

11  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  6.0%

12  

  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

  PN


Item 1(a).

Name of Issuer:

UserTesting, Inc. (the “Issuer”)

 

Item 1(b).

Address of Issuer’s Principal Executive Offices:

114 Townsend Street

San Francisco, CA 94107

 

Item 2(a).

Names of Persons Filing:

The name of the persons filing this report (the “Reporting Persons”) are:

 

  (i)

StepStone Group LP (“StepStone”);

 

  (ii)

StepStone VC Global Partners, VII-A, L.P. (“Global Partners VII-A”);

 

  (iii)

StepStone VC Global Partners VII-C, L.P. (“Global Partners VII-C”)

 

  (iv)

StepStone VC General Partner VII, L.P. (“Partners VII GP”);

 

  (v)

StepStone VC Opportunities III, L.P. (“Opportunities III”);

 

  (vi)

StepStone VC Opportunities General Partner III, L.P. (“Opportunities III GP”);

 

  (vii)

StepStone VC Secondaries Fund III, L.P. (“Secondaries Fund III”);

 

  (viii)

StepStone VC Secondaries General Partner III, L.P. (“Secondaries III GP”);

 

  (ix)

StepStone VC Secondaries Fund IV, L.P. (“Secondaries Fund IV,” and together with Global Partners VII-A, Global Partners VII-C, Opportunities III, and Secondaries Fund III, the “Funds”); and

 

  (x)

StepStone VC Secondaries General Partner IV, L.P. (“Secondaries IV GP”).

Partners VII GP is the general partner of Global Partners VII-A and Global Partners VII-C, Opportunities III GP is the general partner of Opportunities III, Secondaries III GP is the general partner of Secondaries Fund III, and Secondaries IV GP is the general partner of Secondaries Fund IV. StepStone is the investment manager of the Funds. StepStone Group Holdings LLC (“StepStone Group Holdings”) is the general partner of StepStone, and StepStone Group Inc. is the sole managing member of StepStone Group Holdings.

On September 20, 2021, StepStone Group Inc., a Delaware corporation, and StepStone Group LP, a Delaware limited partnership, completed the acquisition of Greenspring Associates, LLC and certain of its affiliates or subsidiaries (the “Acquisition”). As a result of the Acquisition, StepStone Group LP became the investment manager of the Funds.

 

Item 2(b).

Address of Principal Business Office or, if None, Residence:

The address of the principal business office of StepStone is:

4225 Executive Square, Suite 1600

La Jolla, CA 90237

 

Item 2(c).

Citizenship:

Other than Partners VII GP, each of the Reporting Persons are limited partnerships organized under the laws of the State of Delaware. Partners VII GP is a limited partnership organized under the laws of the Cayman Islands.


Item 2(d).

Title of Class of Securities:

Common Stock, par value $0.0001 per share (“Common Stock”).

 

Item 2(e).

CUSIP Number:

91734E101

 

Item 3.

If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

Not applicable.

 

Item 4.

Ownership.

The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 and 11 of the cover page to this Schedule 13G. The ownership percentages are based on 142,864,646 outstanding shares of Common Stock as reported in the Issuer’s Form 10-Q filed May 4, 2022.

 

Item 5.

Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the Reporting Person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ☐.

 

Item 6.

Ownership of More than Five Percent on Behalf of Another Person.

Not applicable.

 

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not applicable.

 

Item 8.

Identification and Classification of Members of the Group.

Not applicable.

 

Item 9.

Notice of Dissolution of Group.

Not applicable.

 

Item 10.

Certification.

Not applicable.


SIGNATURE

After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: June 21, 2022

 

STEPSTONE GROUP LP

 

By: StepStone Group Holdings LLC,

its General Partner

By:  

/s/ Jennifer Y. Ishiguro

 

Jennifer Y. Ishiguro

Chief Legal Officer & Secretary

 

STEPSTONE VC GLOBAL PARTNERS VII-A, L.P.

 

By: StepStone Group LP,

its investment manager

 

By: StepStone Group Holdings LLC,

its general partner

By:   /s/ Jennifer Y. Ishiguro
 

Jennifer Y. Ishiguro

Chief Legal Officer & Secretary

 

STEPSTONE VC GLOBAL PARTNERS VII-C, L.P.

 

By: StepStone Group LP,

its investment manager

 

By: StepStone Group Holdings LLC,

its general partner

By:   /s/ Jennifer Y. Ishiguro
 

Jennifer Y. Ishiguro

Chief Legal Officer & Secretary

 

STEPSTONE VC GENERAL PARTNER VII, L.P.

 

By: StepStone Group LP,

its investment manager

 

By: StepStone Group Holdings LLC,

its general partner

By:   /s/ Jennifer Y. Ishiguro
 

Jennifer Y. Ishiguro

Chief Legal Officer & Secretary


STEPSTONE VC OPPORTUNITIES III, L.P.

 

By: StepStone Group LP,

its investment manager

 

By: StepStone Group Holdings LLC,

its general partner

 

By:   /s/ Jennifer Y. Ishiguro
 

Jennifer Y. Ishiguro

Chief Legal Officer & Secretary

STEPSTONE VC OPPORTUNITIES GENERAL PARTNER III, L.P.

 

By: StepStone Group LP,

its investment manager

 

By: StepStone Group Holdings LLC,

its general partner

 

By:   /s/ Jennifer Y. Ishiguro
 

Jennifer Y. Ishiguro

Chief Legal Officer & Secretary

STEPSTONE VC SECONDARIES FUND III, L.P.

 

By: StepStone Group LP,

its investment manager

 

By: StepStone Group Holdings LLC,

its general partner

 

By:   /s/ Jennifer Y. Ishiguro
 

Jennifer Y. Ishiguro

Chief Legal Officer & Secretary

STEPSTONE VC SECONDARIES GENERAL PARTNER III, L.P.

 

By: StepStone Group LP,

its investment manager

 

By: StepStone Group Holdings LLC,

its general partner

 

By:   /s/ Jennifer Y. Ishiguro
 

Jennifer Y. Ishiguro

Chief Legal Officer & Secretary


STEPSTONE VC SECONDARIES FUND IV, L.P.

 

By: StepStone Group LP,

its investment manager

 

By: StepStone Group Holdings LLC,

its general partner

 

By:  

/s/ Jennifer Y. Ishiguro

 

Jennifer Y. Ishiguro

Chief Legal Officer & Secretary

 

STEPSTONE VC SECONDARIES GENERAL PARTNER IV, L.P.

 

By: StepStone Group LP,

its investment manager

 

By: StepStone Group Holdings LLC,

its general partner

 

By:  

/s/ Jennifer Y. Ishiguro

 

Jennifer Y. Ishiguro

Chief Legal Officer & Secretary

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