Cross-Border Maples Team Advises StepStone on Largest Ever Venture Capital Secondaries Fund
The Maples Group is pleased to have advised StepStone Group Inc. (“StepStone”), a global private markets investment firm, on the Cayman Islands, Irish and Luxembourg legal and regulatory aspects of the establishment and launch of the Cayman Islands and Luxembourg entities within the StepStone VC Secondaries Fund VI complex (the “Fund”). The Fund closed with $3.3 billion in commitments in June 2024 and is the largest venture capital secondaries fund to date.
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In line with StepStone’s strategy, the Fund will provide liquidity to founders and early investors in mature venture-backed companies, purchase interests in venture capital funds from limited partners and assist fund managers with structured solutions such as portfolio strip sales, tender offers and continuations funds.
An integrated team of lawyers and professionals across the firm’s Cayman Islands, Irish and Luxembourg offices advised StepStone on the legal, regulatory, finance and tax aspects of the transaction and also provided Cayman Islands AML compliance support for the fund complex.
The Maples team comprised Funds & Investment Management Partners Andrew Keast (Cayman), Aoife McDonagh (Ireland), John Gallagher (Ireland), Adam Donoghue (Ireland) and Johan Terblanche (Luxembourg), Of Counsel Jennifer Burr (Luxembourg) and Associates Quentin Goffioul (Luxembourg), Caitriona Clear (Ireland) and Graeme McIntyre (Cayman). Luxembourg Tax Partner Jean Dominique Morelli led on the tax aspects while Luxembourg Finance Partner Arnaud Arrecgros led on the finance aspects of the transaction.
The team worked alongside Proskauer who acted as US counsel to StepStone.
Commenting on the transaction, Adam Donoghue said, “We were delighted to have assisted StepStone on this milestone fund which is marked as the largest venture capital secondaries fund to date. This transaction truly demonstrates the various efficiencies of partnering with the Maples Group, particularly where multi-jurisdictional advice and specialised fund services and solutions are required. As a long-standing adviser to StepStone, we look forward to collaborating on many more exciting opportunities together in the future.”