Dechert Advises StepStone Group on Two Private Debt Fund Launches

Dechert LLP advised StepStone Group, a leading global private markets firm, on the establishment of two major funds – Senior Corporate Lending Fund II and StepStone Credit Opportunities Fund I.

Senior Corporate Lending Fund II is a global multi-manager private debt fund and is structured as an Irish Unit Trust, which raised US$1.3 billion of commitments from a diverse mix of new and existing institutional investors, including insurance and pension funds.

StepStone Credit Opportunities Fund I is StepStone’s first distressed debt fund and seeks to achieve its investment objective by primarily investing in both public and private credit instruments, including a focus in distressed, non-performing and opportunistic credit opportunities. It raised over US$600 million of commitments from a wide-ranging group of limited partners from around the world.

The Dechert team advised on the multi-jurisdictional corporate, tax and legal structuring issues involved in establishing a closed-ended fund, investment in private debt instruments and investments in private debt funds.

Dechert advises private fund sponsors on all aspects of the fundraising lifecycle and was the first and remains the leading law firm with a funds team that spans all five principal European fund centres — London, Luxembourg, Dublin, Frankfurt/Munich and Paris — as well as the United States, Middle East and Asia.

The cross-border team was led by Munich-based financial services partner Hans Stamm and included partner Mikhaelle Schiappacasse (London), partner Lindsay Trapp (Charlotte) and associate Stephen Nolan (Dublin) on fund formation, partner Ari Zak (New York) and associate Mansi Seth (London) on U.S. tax matters, counsel Laurel Neale (London) on U.S. regulatory matters and associate Michael Bayr (Munich) on German matters.

About Dechert

Dechert is a leading global law firm with 22 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.