StepStone Closes $3.1B Structured Secondaries Vehicle With Support From Citi

StepStone Group, a leading global private markets investment firm, has closed a structured solutions vehicle resulting in $3.1 billion in commitments to invest predominantly in private market secondaries. The transaction is the largest of its kind in the market to date.

Orrick advised Citi, who acted as structuring and placement agent for the transaction.

THE COMPANIES

StepStone is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

THE IMPACT

The vehicle enables institutional investors to access the firm's secondaries platform through a flexible and capital-efficient solution.

Adam Johnston and Philippe Ferneini, Partners at StepStone, commented: "This transaction provides investors with a differentiated entry point into our secondaries strategies, delivered at meaningful scale. It builds on our experience executing similar solutions tailored to the needs of insurance company and financial services investors, and reflects our ability to leverage the depth and breadth of the StepStone platform."

THE TEAM

The Orrick team advising Citi is led by Gregg Jubin and Mike Gonzalez.

LEARN MORE

• Stepstone's Announcement
• Read More Orrick Client Results