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March 31, 2026
Cadwalader advised Barings Portfolio Finance and the other senior investors in its rated note feeder financing of StepStone Group’s $3.1 billion structured solutions vehicle, announced on March 31.
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.
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 Cadwalader team was led by Fund Finance partner Angie Batterson and included Justin Larson, Abbie Hobika and Annika Gottfrid.
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