You might also find your answer in the LastPass Enterprise Manual.

Can I add a sub-folder to a Shared Folder?

You can add a sub-folder to a Shared Folder by logging in to your Local Vault (LastPass plugin > My LastPass Vault), right-clicking the Shared Folder, and selecting 'Create Sub-Group'. 

Your permissions for the sub-folder will remain the same as its parent Shared Folder and cannot be administered separately.

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