Maples and Calder, the Maples Group’s law firm, is pleased to have advised StepStone Group (Nasdaq: STEP) on the formation, final closure and financing aspects of its structured solutions vehicle resulting in US$3.1 billion in commitments to invest predominantly in private market secondaries.
This transaction represents the largest structured solutions vehicle of its kind in the market to date and will enable institutional investors to access StepStone’s secondaries platform via a flexible and capital-efficient solution.
A multi-disciplinary team of investment funds and finance lawyers from the firm provided Cayman Islands legal advice on the groundbreaking transaction. The team included Investment Funds Partners Jeremy Bomford and Caroline Heal, Of Counsel Sasha Hunte and Associate Ronan Murphy together with Finance Partners Anthony Philp and Robin Gibb and Associate Matthew Grenfell.
“We are pleased to have advised longstanding client StepStone on the successful closure of this landmark structured solution vehicle. This transaction reflects the continued evolution of the private markets and the growing market demand for flexible and capital-efficient secondaries solutions,” commented Caroline Heal.
Jeremy Bomford added, “Our work on this transaction underscores our ability to offer integrated Cayman Islands investment funds and finance legal advice on complex and innovative fund structures. Drawing on our deep experience in this space, we are able to provide practical and coordinated support to help clients achieve a successful outcome.”