This paper proposes a 48V to 1-1.2V two-stage converter, consisting of a high-voltage (HV) switched-capacitor (SC) stage and a low-voltage (LV) buck converter stage. By fixing the duty-cycle (D) of the HV SC at 0.5, peak current in HV SC is optimized, minimizing conduction loss (PCON) in the HV SC. In addition, the continuous capacitor-current (IC) path in the LV stage enables removing a middle-capacitor and improves transient response. The proposed converter supports up to a 4A maximum load current and achieves peak efficiencies of 90.9% at output voltage (VO) of 1V and 92.1% at VO of 1.2V.