50 South Capital buys EQT IV stake

Brown Brothers Harriman has sold its stake in EQT IV to Northern Trust’s 50 South Capital, according to a UK regulatory filing.

The financial services firm sold the fund interest through its BBH Private Equity Partners III, while 50 South Capital purchased it through its latest secondaries fund, Private Equity Strategic Opportunities Fund II B.

EQT IV focuses on medium-sized companies in Northern Europe in several sectors including engineering, medical technology, telecom, automotive, branded consumer goods and business services.

The fund closed in 2004 with €2.5 billion. About half, or 47 percent, of initial limited partners in the fund are Nordic, with 32 percent from the rest of Europe and 17 percent from North America. The remainder comes from the Asia-Pacific region.

It is unclear what assets exactly remain in the fund. The fund is fully realised and was terminated in 2015, according to EQT’s website. The Stockholm-based firm sold public shares it still held in hygiene group ISS and travel food and beverage concession SSP this year, according to EQT statements. Other portfolio companies in the fund included BTX Group, CaridianBCT, Gambro, Kabel Baden-Württemberg, Sanitec and Tognum Group.

Launched earlier this year, 50 South Capital is a wholly-owned subsidiary of Northern Trust that specialises in private equity and hedge fund investments. It was formed from the Northern Trust Alternatives Group and is now led by managing director Robert Morgan. It has about $4.3 billion in assets, including about $1.3 billion in assets under advisement.

Brown Brothers Harriman and Northern Trust declined to comment. EQT did not return a request for comment.