Maples Group Advises StepStone on the establishment of a new private credit ELTIF
The Maples Group is delighted to have advised StepStone Group (Nasdaq: STEP), one of the leading global private markets solutions providers, on the establishment and launch of a new evergreen private debt ELTIF. An integrated team of lawyers and professionals across the firm’s Irish and Luxembourg offices advised StepStone on the legal, regulatory, finance and tax aspects of the project.
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The new evergreen private debt fund is centred on a broadly diversified, European-focused private credit strategy. This launch is a significant milestone and marks a new chapter in StepStone’s continued expansion into the European private wealth market.
The Maples team in Dublin included Funds & Investment Management Partners Adam Donoghue, Aoife McDonagh, John Gallagher, Aaron Mulcahy and Associate Caitriona Clear. The team from Luxembourg consisted of Funds & Investment Management Partner Johan Terblanche and Of Counsel Jennifer Burr, Tax Partner James O’Neal, and Finance Partner Arnaud Arrecgros, with support from Associate Quentin Goffioul.
Commenting on the launch, Adam Donoghue said: “We are proud to have assisted StepStone on this exciting new cross-border product. The EU’s recently enhanced ELTIF regime greatly expands the ability of European private wealth and high net worth investors to access private credit and other private markets strategies, and it is no surprise that an innovative manager such as StepStone is at the forefront of developing that opportunity.”
In 2024, a cross-border team from the firm also advised StepStone on one of the largest venture capital secondaries funds. The fund closed with $3.3 billion in commitments in June 2024 and was the largest venture capital secondaries fund at the time.
