Maples Group Advises StepStone on Record-Breaking US$3.77 Billion Real Estate Secondaries Fund

The Maples Group is pleased to have advised StepStone Real Estate, the real estate arm of StepStone Group Inc. (“StepStone”), a global private markets solutions provider, on the establishment and launch of the Cayman Islands entities within the StepStone Real Estate Partners V fund structure (“SREP V”) and its related distribution arrangements.

SREP V is StepStone’s fifth flagship fund dedicated to GP-led secondaries and recapitalisations of real estate vehicles. It is the largest real estate secondaries fund raised to date, securing US$3.77 billion in primary commitments. Including co-investments completed and discretionary vehicles raised to invest alongside the fund, the total investment programme exceeds US$4.5 billion in capacity.

The Group’s team advised StepStone on both the Cayman Islands and Irish legal aspects of the transaction. The Cayman Islands team comprised Partners Jeremy Bomford, Caroline Heal along with Associates Sasha Hunte and Ronan Murphy, while the Irish aspects were managed by Partner Aoife McDonagh and Associate Caitriona Clear.

The team worked alongside Latham & Watkins LLP who acted as lead counsel to StepStone.

Commenting on the transaction, Jeremy Bomford said, “As a long-time client, it has been a privilege to support StepStone on this milestone fund. This transaction highlights the expertise that the Maples Group provides to clients for innovative and complex fund management solutions.”

The Maples Group has also advised StepStone on the largest venture capital secondaries fund and their fifth PE secondaries fund.