Parisian fund of funds Access Capital Partners has sold its stake in Segulah III.
Access initially committed to Segulah III using its AC Buyout II fund, a €290 million fund of funds. Access, which declined to comment, sold its stake to Finnish fund manager ICECAPITAL, according to UK regulatory notices.
Segulah III is a 2005-vintage fund that closed on €260 million. The fund garnered commitments from existing limited partners such as Adams Street Partners, Adveq, Horsley Bridge International and Partners Group. New investors in the fund included Barclays Bank UK Retirement Fund, BP Pension Fund and Massachusetts Institute of Technology, according to PEI’s Research and Analytics division.
Segulah specialises in pan-European acquisitions, primarily buyouts and take-privates. Segulah III is fully invested, having acquired 10 companies.
Portfolio companies include Isaberg Rapid, which manufactures hair curlers, bicycle bells and staplers. Segulah bought the company in 2006 for £43 million (€54 million; $70 million) and sold it three years later to US-office supplier Esselte.
Fund III has five remaining investments including Swedish bakery Almondy, industrial equipment company Gunnebo and automotive supplier S:t Eriks, according to the firm’s website.
Segulah’s subsequent and most recent fund is Segulah IV. The fund raised €580 million in 2007, making it the firm’s largest fund to date.
Segulah was founded in 1994 by managing director Gabriel Urwitz. The firm declined to comment.
ICECAPITAL purchased Access’ stake using its ICECAPITAL Nordic Secondary Fund. The 2010-vintage vehicle raised €52.7 million for real estate funds that focus on property construction and development.
ICECAPITAL was unavailable to comment by press time.