Access sells buyout stake to Cubera

The French private equity firm has sold a tail-end interest in a Norwegian buyout fund on the back of a portfolio sale to Finland's eQ.

Access Capital Partners, a Europe-focused private equity firm, has sold a partial stake in a 2007-vintage Norwegian buyout fund, continuing its run of divestments.

Oslo-headquartered secondaries firm Cubera acquired the stake in Reiten & Co Capital Parters VII using its Cubera VIII vehicle, according to a UK regulatory filing. Reiten VII is a €256 million lower- and mid-market buyout fund managed by Oslo-headquartered Reiten, according to PEI data.

The deal closed on 20 September, according to the filing.

It was sold through two Access Capital funds, Access NY European Middle Market Buy-out Fund LP and FRR Europe Petites Capitalisations PE 2007 LP.

The pricing of the deal or whether it is part of a larger transaction were not disclosed.

In early September, Access sold a portfolio containing 17 fully invested western European mid-market funds to Finland’s eQ Asset Management, as Secondaries Investor reported. At least two of the funds were Rutland Fund II and CBPE Capital Fund VIII.

Also in early September, one of Reiten VII’s remaining portfolio companies Webstep announced that will launch an initial public offering on the Oslo Stock Exchange, with its first day of trading expected to be 11 October.

 According to Private Equity International data, Cubera already owns a stake in Reiten VII, with Norwegian bank DNB ASA and eQ among the investors.

Cubera’s funds focus exclusively on secondaries transactions in Nordic private equity funds, acquiring LP stakes, portfolios of stakes and participating in tail-end restructurings, according to its website. The Cubera VIII fund is a €405 million, 2016-vintage.

The firm has offices in Oslo and Stockholm. 

Reiten declined to comment. Access Capital Partners and Cubera did not return requests for comment