Maples and Calder has acted as Cayman Islands counsel to StepStone Group on the establishment of Cayman vehicles for a US$1.7 billion infrastructure secondaries fund.
The Maples Group’s law firm advised on the Cayman legal aspects of the Secondaries Infrastructure Fund structure and related separate accounts, collectively known as SSIF.
SSIF is StepStone’s first closed-ended commingled fund dedicated to infrastructure secondaries. The structure provides investors with access to a portfolio of infrastructure assets through a secondary investment strategy.
The funds and investment management team that worked on the fund establishment and launch included partners Jeremy Bomford and Caroline Heal and associate Ronan Murphy.
Latham and Watkins LLP acted as lead counsel to StepStone on the transaction.
The fundraise comes as infrastructure secondaries form part of the wider private markets sector, with investors able to acquire interests in existing infrastructure investments rather than investing only in newly originated assets.
Bomford said in a press release on 16 September that the Cayman team supported StepStone through the fund’s closing.
“We are delighted to have supported StepStone on this significant fundraise,” he said.
“Its dedicated infrastructure secondaries fund highlights the continued demand for innovative investment solutions within the private markets space and further strengthens StepStone’s position as a leading global investment manager.”
The transaction adds to Maples and Calder’s work on Cayman elements of international investment and financing structures.
The firm recently acted as Cayman counsel to CSN Inova Ventures, a subsidiary of Brazilian steel and mining company Companhia Siderúrgica Nacional, on a $1.2bn senior secured syndicated credit facility.
