Maples and Calder, the law firm of the Maples Group, advised StepStone Group on the formation, closing and financing of a structured solutions vehicle that secured $3.1 billion in investor commitments.
The vehicle is designed to invest primarily in private market secondaries, offering institutional investors access to StepStone’s platform through what the company described as a flexible, capital-efficient structure.
The transaction is the largest structured solutions vehicle of its kind to date, according to the firm, reflecting continued growth in demand for secondaries strategies within private markets.
A Cayman Islands-based legal team from Maples and Calder provided investment funds and finance advice on the deal. The team included partners Jeremy Bomford, Caroline Heal, Anthony Philp and Robin Gibb, along with of counsel Sasha Hunte and associates Ronan Murphy and Matthew Grenfell.
In a statement, partner Caroline Heal said the transaction highlights “the continued evolution of the private markets” and demand for more adaptable investment structures. Jeremy Bomford added that the work demonstrates the firm’s ability to deliver integrated legal advice on complex fund arrangements.
