Secondary Transactions

Experience

  • Secondary Liquidity Solutions

    • 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.
    • HarbourVest Partners as lead investor in the GP-led restructuring of Bridgepoint Capital’s €4.8 billion crisis-era fund, Bridgepoint Europe IV.
    • 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.
    • 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.
    • Southern Capital in a fund restructuring involving the transfer of assets from Mulberry Asia Fund II into a new fund established for a consortium led by AlpInvest Partners, and a stapled commitment by the same consortium into Southern Capital 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.
    • A U.S. private equity fund in a complex GP fund restructuring involving the establishment of a new fund to acquire assets.
    • An emerging markets fund sponsor in the secondary market recapitalization of a fund targeting Russia/CIS investments.
    • HarbourVest Partners in its acquisition from Bank of America of the BAML Capital Access Funds group, a private equity fund-of-funds manager focused on opportunities with emerging managers, diverse managers, the lower middle market and other underserved markets.
    • 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, Neuberger Berman, HQ Capital and Idinvest Partners in the acquisition of limited partnership interests and a related stapled investment in funds managed by Mandarin Capital Partners.
    • 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.
    • 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.
    • 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.
    • Diamond Castle in the restructuring of, and secondary sale of interests in, Diamond Castle Partners IV. In the transaction, investment funds managed by Goldman Sachs Asset Management, Intermediate Capital Group and other syndicate investors committed capital to a newly formed Diamond Castle-managed fund that acquired most of the portfolio of Fund IV, and Fund IV limited partners elected either to participate in the longer term potential of the portfolio by rolling their interests into the new fund or to effectively sell their interests to the buying syndicate.
    • HarbourVest Partners in the sale by Lehman Brothers Holdings of its Lehman Brothers Venture Partners business to a group comprised of the current management team and funds managed by HarbourVest Partners.
    • A syndicate of investors in a stapled primary/secondary transaction with a value in excess of £400 million.
    • HarbourVest Partners in a newly established fund managed by Nova Capital with equity provided by Nova Capital’s limited partners, including Nova, and secondary funds managed by HarbourVest Partners and Landmark Partners, which fund was established to acquire a portfolio of businesses within Newell Rubbermaid’s Hardware group in North America for $214 million.
    • One of Deutsche Bank's private equity platforms in its acquisition of interests in Calastone, Graze, Secret Escapes and Zoopla Property Group from Octopus, a leading specialist fund management company.
    • HarbourVest Partners in the acquisition of Premetalco through a co-investment with Nova Capital Management Limited.
    • HarbourVest Partners in its $300 million acquisition of portfolio company interests from Arcapita Bank.
    • HarbourVest Partners, as the lead in a consortium with Coller Capital, in the £100 million acquisition of a portfolio of 36 European venture capital investments from 3i Investments plc.
    • 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 its €333 million secondary purchase of the majority of interests in Motion Equity Partners II, as part of a tail-end solution for that fund.
    • HarbourVest Partners in its acquisition of a significant stake in Holtzbrinck Ventures’ media-related venture capital portfolio and HarbourVest’s support of the spin-out of the current management team to form a new German venture capital firm.
    • Limited partners in the sale of their interests in a European private equity fund to a turnaround fund as a liquidity solution for those investors.
    • Certain investors in a French private equity fund selling their interests as part of manager-arranged liquidity event.
    • A major sovereign wealth fund on the restructuring of more than $3.4 billion in private equity fund commitments, including transfers of such fund commitments in multiple jurisdictions.
  • Spin-Out Secondaries

    • A consortium including HarbourVest Partners and Hamilton Lane in the spin-out of a management group from the Ziff family office, which included the acquisition of multiple portfolio companies in the energy sector.
    • HarbourVest Partners in the spin-out of a private equity unit of Royal Bank of Canada, which include the acquisition of interests in multiple portfolio companies.
    • One Equity Partners, the principal investment arm of JPMorgan, in its spin-out and related primary and secondary transactional matters.
    • 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.
    • 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.
    • An international consortium of private equity investors, including NIB Capital, Teachers’ Merchant Bank, HarbourVest Partners and Canada Pension Plan, in the €1.5 billion in financing for the spin-out of Deutsche Bank’s latter stage private equity portfolio, resulting in the formation of MidOcean Partners.
  • Listed Secondaries

    • 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.
    • A consortium of investors, including HarbourVest Partners and Origami Capital Partners, in its $650 million indirect acquisition of a portfolio of private equity and hedge fund interests. This investment was structured through a complex acquisition of 40% of the outstanding limited partnership interests in The Endowment PMF Master Fund, a registered investment company and passively managed fund of funds.
    • HarbourVest Partners in its $1.4 billion acquisition of the private equity fund interests and direct co-investments of Conversus Capital.
    • HarbourVest Partners in its $806 million acquisition of the listed fund of funds, Absolute Private Equity.
  • Traditional Secondaries

    • HarbourVest Partners in its acquisition of stakes in MML Capital Partners Funds V and VI from Varma Mutual Fund Pension Insurance Company.
    • A Swedish reserve fund in the disposition of a portfolio of private equity interests.
    • HarbourVest Partners in its secondary acquisition of limited partnership interests from multiple sellers in funds managed by Indigo Capital Partners.
    • HarbourVest Partners in the purchase of a portfolio of key interests from CPPIB.
    • HarbourVest Partners in the secondary acquisition of limited partnership interests in 22 funds from a financial institution through a newly-formed vehicle as part of a stapled transaction.
    • Deutsche Bank in its $137 million secondary purchase of interest in Navis Asia Fund V from PSERS.
    • Liberty Mutual in the disposition of two separate portfolios of 50 private equity fund interests worth approximately $225 million.
    • A major sovereign wealth fund in respect of numerous acquisitions of interests in investment funds and co-investment vehicles, including the purchase of a $1.6 billion portfolio of interests from a major institutional investor.
    • Prudential Financial in the acquisition of a portfolio of multiple private equity fund interests worth approximately $1 billion relating to the issuance of a guaranteed annuity contract to fund approximately $26 billion of GM pension liabilities.
    • Adveq Management, Akina Limited, Deutsche Bank, General Electric Pension Trust, HarbourVest Partners, Merrill Lynch and Morgan Stanley Investment Management on multiple limited partner interest acquisitions and sales, including the acquisition of portfolios of limited partner interests from institutional investors, including private and public pension plans and foundations.
    • A European quasi-governmental institution in its disposal of a portfolio of interests in investment funds and co-investment vehicles.
  • Selected Investor Representations

    • We have represented investors in numerous secondaries funds, including Coller International Partners VI, Goldman Sachs Early Secondaries Fund, JP Morgan Secondary Private Equity Investors, Lehman Brothers Secondary Opportunities II, Omega Fund III, Pinebridge Pinestar Capital II, Saints Capital Dakota and Vision Capital Partners VI.