Michael Steele, a former partner in Kirkland & Ellis’ London office has picked up a Malibu mansion for $38 million as he plans a new career at an LA-based real estate private equity firm, GLP Capital Partners.
Steele had previously worked at Freshfields Bruckhaus Deringer before moving to Kirkland & Ellis, one of the world’s most prestigious and wealthy law firms, and had advised on the $18 billion sale of GLP’s logistics business to private equity firm Blackstone in 2019, as according to The Wall Street Journal.
According to Kirkland’s former chairman, Steele is “one of the top finance lawyers in the market” with a “strong reputation for handling complex transactions.”
GLP Capital Partners is a logistics real estate investment manager with $8bn invested in US logistics, according to its website.
Steele has been working for GLP Capital Partners in Los Angeles over the past year, according to people familiar with the matter, and is set to join on a permanent basis.
The 12,169 square feet property has five bedrooms and nine bathrooms and it is set on a 21.7-acre lot, according to Dirt.
The Malibu property was built by developer Kirkor Suri in 2021 and on a compound of almost 22 acres it boasts a lift, an indoor spa, a fitness centre, a steam room and sauna, a beauty salon and massage room, and an outdoor entertaining area with a built-in barbecue and infinity pool.
Steele is married to fashion designer Giovanna Steele (née Eastwood), she is the daughter of a Brazilian socialite and the late British composer Tom Eastwood.She founded the Ethical Collection London.
Also leaving 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.
Kirkland’s average profit per equity partner was $7.38m in 2021 and its revenues were the first to exceed $6bn, according to American Lawyer.