Private Fund Transactions

Fact Sheet

Experience

  • Continuation Fund, Recapitalisations and Restructurings

    • Coller Capital as lead investor in the formation of Abry Partners’ $1.6 billion Continuation Fund, Abry Advanced Securities Fund III.
    • Pantheon as co-lead investor alongside AlpInvest and TPG GP Solutions in a €505 million continuation fund sponsored by IK Partners for the purchase of Yellow Hive, a leading Dutch insurance platform.
    • MetLife Investment Management in a $1.2 billion managed secondary transaction, including a $975 million portfolio disposition of MetLife affiliate assets to its newly raised fund, MetLife Investment Private Equity Partners II.
    • J.F. Lehman & Company in the closing of a single-asset continuation vehicle for PURIS, a leading water infrastructure solutions provider.
    • LGT Capital Partners in the formation of Crown Secondaries Special Opportunities III, a $3 billion private equity secondaries fund.
    • StepStone Group as lead investor in MLC Private Equity’s $762 million fund closing.
    • Morgan Stanley Capital Partners in its sale of World 50 and its related subsidiary companies to a single asset GP-led continuation fund investment vehicle managed by an affiliate of MSCP.
    • TPG as co-lead investor in a €1 billion+ single-asset continuation fund sponsored by Oakley Capital to acquire German university group IU Group from existing Oakley Capital vehicles. The deal won “Secondaries Deal of the Year in Europe” at the PEI Awards.
    • Hamilton Lane as lead investor in the formation of MiddleGround Capital’s $440 million MiddleGround Carbon CV, L.P. fund.
    • A UK private equity sponsor in a single asset continuation fund to house an existing stake in a leasing business.
    • Hamilton Lane as a co-lead investor in a single-asset secondary transaction completed by Vance Street Capital LLC, to extend Vance Street’s partnership with Jet Parts Engineering.
    • LGT Capital Partners as co-lead investor in an £840 million continuation fund sponsored by Pollen Street Capital to acquire existing stakes in insurance and tech assets.
    • Elliott in its investment leading Speyside’s single asset continuation fund to support the future growth of its portfolio company Opta.
    • StepStone Group as lead investor in a $500 million single-asset continuation vehicle sponsored by WindRose Health Investors, a healthcare-focused private equity firm, to support the expansion of Healthmap Solutions, a population health management company focused on kidney disease.
    • A global fund of funds as lead investor in an approximately €750 million continuation fund to house existing private equity fund stakes and provide additional capital for new commitments.
    • TPG GP Solutions as an investor, alongside Goldman Sachs Asset Management, Blackstone Strategic Partners and Portfolio Advisors, in Calera Capital Image Holdings, L.P., a $750 million single-asset continuation fund raised in connection with the sale of ImageFIRST Healthcare Laundry Specialists, a provider of linen, laundry, and safety and hygiene services for the healthcare industry.
    • HarbourVest Partners as co-lead investor in a €1.63 billion continuation fund, sponsored by Triton, to acquire four portfolio companies from Triton Fund IV.
    • HarbourVest Partners as co-lead investor in a $1 billion continuation fund, sponsored by OEP, to support continued growth for two European portfolio companies.
    • HarbourVest Partners, TPG NewQuest and Committed Advisors as the lead investors in CSP Fund II, a $700 million continuation vehicle sponsored by a partnership between Capital Square Partners and Basil Technology Partners to acquire a portfolio of companies from existing funds.
    • Pantheon as co-lead investor in a €708 million continuation fund, sponsored by DPE Deutsche Private Equity, to invest in two European technology and digital transformation consultancies. The deal won “Secondaries Deal of the Year” in Europe in the Secondaries Investor annual awards.
    • KKR in the establishment of a newly-created $2 billion continuation vehicle to which a portion of its investment in Internet Brands was sold, in a transaction valuing the company at $12 billion. The deal won “Secondaries Deal of the Year” in the Americas in Private Equity International’s annual awards.
    • HarbourVest Partners as the lead investor in a multiple-vehicle continuation fund sponsored by Ameba Capital.
    • Pantheon and Committed Advisors as the investor consortium for a single asset continuation fund sponsored by Hosen Capital.
    • CPP Investments as an investor in a single-asset continuation fund established by GHO Capital Partners, created to hold existing portfolio company Validant, a leading international provider of quality, compliance and regulatory affairs consulting to Biotech, Pharma and MedTech companies.
    • StepStone Group in its role as senior lead investor in a €563 million continuation fund established by Ufenau Capital Partners to acquire two existing assets from Ufenau V.
    • Adams Street Partners as a member of a syndicate investing in a €500 million continuation fund established by G Square Healthcare Private Equity LLP to acquire three existing assets from G Square Capital I and G Square Capital II.
    • Global Atlantic, a retirement and life insurance company, in its recapitalization of Drawbridge Realty’s $1.7 billion portfolio of office properties.
    • Clayton, Dubilier & Rice in the sale of its investment in Belron, a worldwide leader in vehicle glass repair and replacement, valuing the company at €21 billion, including the formation of a new special purpose vehicle formed to continue CD&R’s partnership with Belron. The transaction was named “Secondaries Deal of the Year” by Buyouts magazine.
    • The lead investor in a single-asset continuation fund deal valued at nearly $1.75 billion, sponsored by Water Street Healthcare Partners and JLL Partners, to support the growth of Eversana, a life science services platform.
    • Morgan Stanley Capital Partners in the sale of 24 Seven, a leading provider of digital marketing and creative staffing solutions, to a single asset GP-led continuation fund vehicle managed by an affiliate of MSCP.
    • Goldman Sachs Asset Management and Pantheon as co-lead investors in a secondary acquisition vehicle formed as part of a Nordic Capital-led consortium to invest in Vizrt, a global leader in production software for live video production.
    • Navis Capital in a fund restructuring involving the transfer of five portfolio companies into a new $450 million continuation fund vehicle.
    • HarbourVest Partners as lead investor in Secondary Fund II, a €350 million continuation vehicle sponsored by Portobello Capital, involving stakes in two Portobello-managed portfolio companies.
    • Goldman Sachs Asset Management and Pantheon as co-underwriters of CapVest Strategic Opportunities, a €1.2 billion continuation vehicle sponsored by CapVest for the single-asset fund restructuring of its portfolio company, Curium Pharma.
    • Pantheon as lead investor in Ergon svt Long Term Value Fund SCSp, a €270 million single-asset fund invested in svt, the leading European provider of passive fire protection products, installation and restoration management services.
    • Pantheon and LGT Capital Partners as lead investors in a continuation vehicle sponsored by Medicxi, a European life sciences investor, involving six preclinical- and clinical-stage assets.
    • StepStone Group in its acquisition of the sole limited partner interest in Acre Venture Partners, and the subsequent restructuring of certain portfolio assets.
    • Ardian and Pantheon as co-lead investors in a €1.2 billion annex fund, sponsored by Antin Infrastructure Partners, to buy minority stakes in four assets held by Antin’s 2016-vintage Fund III.
    • StepStone Group as lead investor in the $670 million closing of Ampersand Continuation Fund, together with related investment vehicles, formed to acquire the equity interests of three portfolio companies previously held by multiple mature Ampersand funds.
    • KKR in the structuring and negotiation of a preferred equity product established with a leading structured liquidity solutions provider through a structured secondary transaction to generate liquidity on a $1.1 billion portfolio of assets held by KKR’s balance sheet.
    • Providence Equity Partners in a single-asset fund restructuring transaction involving Providence Equity Partners VI. In the transaction, the lead investor committed capital to a newly formed Providence-managed fund that purchased HSE24 Multichannel GmbH from the existing fund.
    • Exponent in a £125 million preferred equity facility for Exponent Private Equity Partners III, a £1 billion buyout fund.
    • Pantheon in its equity investment as part of the proposed £2 billion takeover by KKR of John Laing Group plc.
    • StepStone Group as the lead investor in a sponsor-led acquisition of unrealized assets from an existing Blackbird fund.
    • StepStone Group in its $80 million investment in a continuation vehicle managed by Qumra Capital, which acquired a strip of all portfolio assets of Qumra Capital I.
    • Kelso & Company in a GP-led single-asset recapitalization transaction involving its portfolio company, Risk Strategies.
    • Clayton, Dubilier & Rice in a new fund investment into its portfolio company, BrandSafway.
    • HarbourVest Partners and Pantheon as investors in 3i’s GP-led single asset fund restructuring, one of the largest-ever such transactions which involved moving Action, with a post-discount enterprise value of €10.25 billion, to a continuation vehicle.
    • AlpInvest Partners, Goldman Sachs Asset Management and HarbourVest Partners as lead investors in the PAI Partners-sponsored €2 billion continuation vehicle for Froneri and Marcolin, two portfolio companies previously held in PAI Fund V. The transaction was named “GP-Led Deal of the Year in Europe” by Secondaries Investor in its annual awards.
    • A consortium of international secondaries fund sponsors led by Pantheon and Aberdeen Standard in a fund recapitalization involving the single-asset transfer of KD Pharma Group, a German vitamin supplement manufacturer, and related investment transaction.
    • Hollyport Capital as an investor in a RMB-USD fund restructuring by Kinzon Capital.
    • A U.S. secondaries investor in a fund-level preferred equity transaction with a European technology-focused private equity fund.
    • HarbourVest Partners as lead investor in the GP-led restructuring of Bridgepoint Capital’s €4.8 billion crisis-era fund, Bridgepoint Europe IV.
    • Baring Private Equity Asia in a fund restructuring involving the transfer of a portfolio company into a continuation fund. The transaction was named “GP-Led Deal of the Year in Asia” by Secondaries Investor in its annual awards.
    • HarbourVest Partners as lead investor in Lime Rock Partners IV AF, L.P., a $1.9 billion acquisition fund which acquired the remaining assets of Lime Rock Partners IV, L.P.
    • HarbourVest Partners in its secondary acquisition of a majority interest in Digital Prosperity Fund I and an associated co-investment vehicle, both managed by Amadeus Capital Partners, from MTN Group.
    • TPG Growth in its takeover of the existing assets of the Abraaj Group’s $1 billion Global Healthcare Fund. The deal saw Debevoise win the Specialist Deal Legal Advisor category at the Private Equity Africa Awards.
    • A consortium of three international secondaries fund sponsors in a fund recapitalization involving the single-asset transfer of a U.S. generic pharmaceutical manufacturing company and related investment transaction.
    • BVCF, a private equity fund focusing on growth stage life science companies, in a continuation fund transaction involving a portfolio of healthcare companies in China.
    • HarbourVest Partners as lead investor in a single-asset fund restructuring that enabled Capital Today China Group to take out an investment in Yifeng Pharmacy.
    • Southern Capital in a fund restructuring involving the transfer of assets into new vehicles established for a consortium led by AlpInvest Partners.
    • Leeds Equity Partners in the $100 million recapitalization of Leeds Equity Partners Fund IV.
    • Glendower Capital in its role as part of a consortium of blue-chip institutional investors to invest approximately $530 million in six companies controlled by Argonne Capital Group.
    • HarbourVest Partners in its role as a lead investor in the restructuring of Eos Capital Partners III and Eos Capital Partners IV.
    • An international secondaries fund sponsor in the €200 million secondary sale of limited partnership interests in CapVest Fund II as part of a fund restructuring.
    • HarbourVest Partners in its £806.6 million acquisition of the investment portfolio of SVG Capital, a publicly listed investment fund. The acquisition followed an initial £1,015 million takeover offer by HarbourVest Partners for SVG Capital.
    • HarbourVest Partners in its €360 million acquisition, through a fund managed by Compass Partners International, of five portfolio companies from Bridgepoint Capital.
    • Newport Global Advisors in the recapitalization of Newport Global Opportunities Fund LP. In the transaction, investment funds managed by Morgan Stanley, LGT Capital and other syndicate investors committed capital to a newly formed Newport-managed fund that acquired substantially all of the portfolio of the existing fund. Existing limited partners elected to either roll their interests into the new fund or receive cash in respect of their interest.
    • HarbourVest Partners in the €400 million secondary acquisition, through a newly-formed fund managed by Portobello Capital, of the private equity portfolio of Portobello Capital II LP, as part of a fund restructuring.

  • Tender Offers

    • Morgan Stanley Private Equity Asia in an LP tender offer.
    • Baring Private Equity Asia in an LP tender offer.
    • HarbourVest Partners as lead buyer in a GP-led tender for LP interests in Heritage Healthcare Innovation Fund and a related commitment to Heritage Healthcare Innovation Fund III.
    • HarbourVest Partners as lead buyer in a GP-led tender offer in respect of interests in Court Square Capital Partners III.
    • HarbourVest Partners as lead buyer in the GP-led LP tender in connection with The Resolute Fund III.
    • HarbourVest Partners in its €333 million purchase of the majority of interests in Motion Equity Partners II, as part of a tail-end solution for that fund.
    • Providence Equity Partners on its GP-led stapled tender offer for Providence Equity Partners VII , a $5 billion buyout fund focused on global investments in media, telecommunications & technology companies.
    • HarbourVest Partners in the secondary acquisition of limited partnership interests in Doughty Hanson & Co Limited Partnerships IV and V, and proposed commitment to Doughty Hanson & Co Limited Partnerships VI, in a stapled transaction.
    • LGT Capital Partners as co-lead buyer, with Idinvest Partners, of limited partnership interests in Halder-GIMV Germany II and a related stapled investment in funds it manages.
    • HarbourVest Partners in its €190 million secondary acquisition of interests in Magnum Capital from existing investors in a structured tender, together with a stapled primary investment.
    • HarbourVest Partners, Neuberger Berman, HQ Capital and Idinvest Partners in the secondary acquisition of limited partnership interests and a related stapled investment in funds managed by Mandarin Capital Partners.
    • An emerging markets fund sponsor in tender offers for two of its older vintage flagship funds.

  • Portfolio Purchases / Sales

    • Hamilton Lane in multiple traditional secondary purchases of LP interests.
    • Banner Ridge in multiple traditional secondary purchases of LP interests.
    • Coller Capital in multiple acquisitions of LP interests.
    • HarbourVest Partners in its $130 million investment in a CLO portfolio managed by CIFC Asset Management.
    • HarbourVest Partners in the acquisition of certain LP interests from a family office.
    • A sovereign wealth fund in its sale of interests in several dozen private investment funds.
    • HarbourVest Partners in the sale of a portfolio of over one hundred private equity interests on behalf of a HarbourVest Partners managed account based in Europe to five independent investor groups.
    • A consortium including HarbourVest Partners and Coller Capital, in their secondary purchase of interests in Absa Capital Private Equity Fund I from Barclays Africa Group, formerly known as Absa Capital, as part of a spin-out of Absa Capital Private Equity from the Absa Group.
    • A syndicate of investors in a stapled primary/secondary transaction with a value in excess of £400 million.
    • Prudential Financial in the $1 billion sale by General Motors of multiple private equity fund interests relating to the issuance of a guaranteed annuity contract to fund approximately $26 billion of General Motors pension liabilities.
    • HarbourVest Partners in its $300 million acquisition of portfolio company interests from Arcapita Bank.
    • AAC Capital Partners in its sale of a $1.5 billion investment portfolio to a group of investors led by Goldman Sachs Asset Management.
    • HarbourVest Partners in the purchase of a portfolio of key interests from CPPIB.
    • One Equity Partners in its spin-out from JPMorgan and related primary and secondary transactional matters.
    • Liberty Mutual in the disposition of two separate portfolios of 50 private equity fund interests worth approximately $225 million.
    • HarbourVest Partners and Paul Capital Advisors, as part of a consortium providing equity financing for the formation of NewQuest Asia Fund and its acquisition of Bank of America Merrill Lynch's non-real estate private equity portfolio in Asia.
    • RBC in the spin-out of a private equity unit and related sale of interests in multiple portfolio companies.
    • The Endowment PMF Master Fund in the $650 million sale of a portfolio of private equity and hedge fund interests to an investor group.
    • A leading secondaries fund sponsor in its acquisition of a portfolio of venture capital and private equity interests from a major European private equity manager.
    • Certain investors in a French private equity fund selling their interests as part of manager-arranged liquidity event.