Alternative Assets Transactions and Liquidity Solutions

Experience

  • Continuation Fund, Recapitalisations and Restructurings

    • 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.
    • 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.
    • 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.
    • 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.
    • 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.
    • DH Private Equity in its sale of the two remaining assets in fund DH IV to fund DH IV.1, a new fund also managed by DH Private Equity.
    • 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

    • 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.
    • The sponsor of a leading European mid-market buyout fund in a contemplated tender offer process for one of its funds.
  • Portfolio Purchases / Sales

    • Link Fund Solutions as authorised corporate director of the LF Equity Income Fund in the £224 million sale of shares in 19 public and private life sciences companies to Acacia Research Corporation by the LF Equity Income Fund.
    • 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.