Kirkland & Ellis London’s finance partner Michael Steele has bought a $38 million mansion in Malibu ahead of a proposed move to a senior commercial position at a real estate private equity firm.
According to a person familiar with the matter, Steele is seconded to Los Angeles private equity firm GLP Capital Partners ahead of a planned permanent move.
Debt financing partner Steele joined Kirkland in London in 2015 from Magic Circle firm Freshfields Bruckhaus Deringer.
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Steele advised GLP on the $18.7 billion sale of its US logistics business to private equity firm Blackstone.
GLP Capital Partners is a logistics real estate investment manager that has invested $8 billion in US logistics, according to its website.
Steele worked for GLP Capital Partners in Los Angeles for the past year, according to people familiar with the matter, and is set to join on a permanent basis.
As a token of his dedication to the role, Steele has bought a $38 million mansion in Malibu, according to real estate website Dirt.com.
Michael Steele’s Burdge Architects designed a mansion above Carbon Beach in Malibu
Anthony Barcelo/Courtesy of Douglas Elliman
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The 12,169-square-foot property has five bedrooms and nine bathrooms and sits on a 21.7-acre lot, according to the website.
The property features an elevator, indoor spa, fitness center, steam room and sauna, beauty salon and massage room, as well as an outdoor entertainment area with a built-in BBQ and infinity pool.
Other recent exits for Kirkland in London include private equity M&A partner David Holdsworth, who joined private equity firm TDR Capital as general counsel, and M&A partner Tom McCarthy, who joined private equity firm Triton Partners .
According to American Lawyer Magazine, Kirkland’s average earnings per equity partner in 2021 was $7.38 million and revenue exceeded $6 billion.
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To contact the author of this story with feedback or updates, email James Booth