StepStone Group has raised $3.1bn (£2.3bn) of commitments for a structured options automobile centered on non-public market secondaries, with backing from Ares.
The funding agency mentioned Ares Administration Different Credit score funds will function the first capital supplier to the automobile, with Barings Portfolio Finance offering a considerable portion of its rated financing.
In response to StepStone, the transaction is the most important of its sort out there to this point.
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“This transaction gives buyers with a differentiated entry level into our secondaries methods, delivered at significant scale,” mentioned Adam Johnston and Philippe Ferneini, companions at StepStone. “This transaction gives buyers with a differentiated entry level into our secondaries methods, delivered at significant scale. It builds on our expertise executing related options tailor-made to the wants of insurance coverage firm and monetary providers buyers, and displays our skill to leverage the depth and breadth of the StepStone platform.”
StepStone said that the automobile provides institutional buyers entry to the agency’s secondaries platform by way of a versatile and capital-efficient resolution.
“We’re happy to assist StepStone on this transaction, sustaining our momentum as a number one supplier of tailor-made and versatile fund finance to high quality managers,” mentioned Richard Sehayek, companion & co-head of European Different Credit score at Ares. “Because the market continues to evolve and mature, we imagine we’re well-positioned to proceed offering revolutionary liquidity options attributable to our scaled capital, deep expertise, and international sponsor community.”
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Citi acted as structuring and placement agent for the transaction.
Dechert served as authorized counsel for Ares. Debevoise & Plimpton served as authorized counsel for StepStone. Citi was represented by Orrick, Herrington & Sutcliffe, whereas Cadwalader, Wickersham & Taft acted as counsel for Barings.
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