Dechert represented StepStone Group, a global private markets investment firm focused on providing customized investment solutions, on the European parallel fund close of StepStone Real Estate Partners V, L.P. (SREP V) and its separate related accounts with US$4.5 billion of capital commitments including US$3.77 billion in primary capital commitments.
SREP V is the flagship fund of the real estate arm of StepStone Group dedicated to GP-led secondaries and recapitalizations of real estate vehicles.
SREP V attracted a diverse global investor base, including sovereign wealth funds, pension funds, insurance companies, and wealth management platforms, with notably higher participation from North American institutions compared to prior vintages, along with increased commitments from investors in Europe, Asia, the Middle East and Latin America.
Patrick Goebel, partner, and Christine Renner, counsel, advised on the matter together with a Luxembourg, Dublin and London based team composed of partners Laura Rossi, Matthias Kerbusch, Olivier Gaston-Braud and Carol Widger and associates Alix Braun, Thomas Tomasic, Rui Cheng and Paolina Bajda.
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Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients’ rights in extreme situations. Our nearly 1,000 lawyers across 16 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.
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