Multi-Disciplinary Maples Team Advises StepStone Group on Fifth PE Secondaries Fund
The Maples Group is pleased to have advised StepStone Group Inc., a global private markets investment firm, on the establishment and launch of the Cayman Islands entities within the StepStone PE Secondary Opportunities Fund V. The Fund closed with US$7.4 billion in capital commitments between the Fund and related separate accounts in September 2024 and is the largest commingled secondaries fund raised by StepStone to date.
- Published
- in Deals
The Maples Group is pleased to have advised StepStone Group Inc. (“StepStone”), a global private markets investment firm, on the establishment and launch of the Cayman Islands entities within the StepStone PE Secondary Opportunities Fund V (the “Fund”). The Fund closed with US$7.4 billion in capital commitments between the Fund and related separate accounts in September 2024 and is the largest commingled secondaries fund raised by StepStone to date.
In line with StepStone’s secondaries strategy, the Fund leverages StepStone’s broader platform to utilise its sponsor relationships, differentiated data, and information access to create opportunities intended to generate strong risk-adjusted returns. The Fund is supported by a globally diversified set of institutional investors that include sovereign wealth funds, public and corporate pension funds, endowments, foundations, family offices and various others.
A multi-disciplinary team of lawyers from the firm’s Cayman Islands office advised StepStone on the legal and finance aspects of the transaction.
The Maples team comprised Funds & Investment Management Partners Jeremy Bomford, Caroline Heal and Associates Sasha Hunte and Ronan Murphy. Finance Partners Jonathon Meloy and Anthony Philp and Associate Robin Gibb managed the finance aspects of the transaction.
The team worked alongside Fried, Frank, Harris, Shriver & Jacobson LLP who acted as US counsel to StepStone.
Commenting on the transaction, Jeremy Bomford said, “As a long-standing adviser to StepStone, we are delighted to have supported them on this structure, StepStone’s largest commingled fund to date.”
Caroline Heal added, “Our experienced team of funds and finance lawyers are well equipped to provide expert legal advice on large, innovative and complex transactions such as this. We look forward to supporting StepStone on future projects.”
A longtime client, a cross-border team from the firm also advised StepStone on the largest venture capital secondaries fund earlier this year.