Carey Olsen advises Barings on landmark secondaries vehicle
Carey Olsen's Cayman Islands finance team has advised Barings Portfolio Finance ("Barings") and other senior investors on the Cayman Islands aspects of the rated note feeder financing of StepStone Group's (Nasdaq: STEP) ("StepStone") US$3.1 billion structured solutions vehicle.
According to StepStone’s official release, the transaction is the largest of its kind in the market to date. The vehicle enables institutional investors to access the firm's secondaries platform through a flexible and capital-efficient solution. The transaction closed on 31 March 2026.
StepStone is a leading global private markets investment firm. In addition to its commitments and Barings providing a substantial portion of the vehicle's rated financing, Ares Management Alternative Credit funds have agreed to serve as the primary capital provider to the vehicle. Citi acted as structuring and placement agent for the transaction.
The Carey Olsen team advising on the transaction comprised partner Dylan Wiltermuth and associate Catriona Severns, alongside onshore counsel Cadwalader, Wickersham and Taft LLP.
Dylan Wiltermuth commented: "We are pleased to have supported on this landmark transaction, a bespoke structured solution that demonstrates Barings' innovative and forward-thinking approach to investment in the secondaries market and Carey Olsen's expertise in such matters."
