Dechert Advises StepStone Group on the Closing of US$1.58 Billion Credit Opportunities Fund II

Dechert advised StepStone Group on the final closing of StepStone Credit Opportunities Fund II (“SCOF II” or the “Fund”). The Fund held its final close on March 31, 2026, with more than US$1.58 billion in commitments, exceeding its US$750 million target.

The Fund is structured as an Irish unit trust authorized by the Central Bank of Ireland, with a feeder fund in the form of a Cayman Islands exempted limited partnership. It was established to provide investors with diversified exposure to credit opportunities across the credit spectrum, including secondary and co‑investment transactions, and to identify relative value opportunities through the credit cycle while addressing the liquidity needs of companies, general partners, limited partners and banks.

Dechert advised on the multijurisdictional corporate, tax and legal structuring involved in establishing the Fund as a closed‑ended fund of funds investing in private debt funds.

The cross‑border private funds team was co‑led by Munich‑based financial services partner Hans Stamm and London‑based partner Mikhaelle Schiappacasse and included partner David Layden (Dublin/London), partner Mansi Seth (New York/London), associate Cian Hutchinson (London), associate Alexander Illingworth (London) and counsel Michael Bayr (Munich).

Dechert advises private fund sponsors on all aspects of the fundraising lifecycle with a fund team that spans all five principal European fund centers – London, Luxembourg, Dublin, Munich and Paris – as well as the United States, Middle East and Asia.

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