StepStone Group is leading a continuation vehicle (CV) transaction for Cabot Square Capital's stake in Premier Modular, valued at approximately £140 million. The modular buildings provider, partially owned by MML Capital Partners, recently raised £360 million from a consortium of European infrastructure investors to support its growth strategy.

The CV deal allows Cabot to extend its holding in Premier Modular while providing liquidity to existing limited partners. StepStone's secondaries advisory team is structuring the transaction, which involves a group of infrastructure-focused investors acquiring the stake. Premier Modular, a UK-based manufacturer of modular construction solutions, has seen increased demand for its off-site building methods across healthcare, education, and commercial sectors.

MML Capital Partners, which backed Premier Modular's management buyout in 2021, remains a significant shareholder alongside the new infrastructure investors. The £360 million fundraising comprises both primary capital for expansion and secondary purchases, reflecting strong institutional appetite for modular construction assets driven by sustainability trends and housing shortages across Europe.