Argentum taps secondaries pot to buy from BlackRock and Prudential

The Norwegian state-backed firm has acquired a clutch of European mid-market stakes, public filings show.

Argentum Asset Management, the Norwegian state-backed fund investor, has used its secondaries allocation to acquire a clutch of European mid-market stakes.

The firm, which has around $1.6 billion in assets under management, acquired stakes in funds managed by Segulah and Alcuin Capital Partners, according to three UK public filings dated from 16 to 20 November.

The Segulah stakes were sold by several vehicles linked to investment manager BlackRock. The Alcuin stake was sold by PPMC First Nominees, a subsidiary of the Prudential insurance company.

Mid-market buyout fund Segulah IV held its final close in 2007 on its Skr5.2 billion ($564 million; €570 million) target, according to PEI data. New York State Common Retirement Fund and Pennsylvania State Employees’ Retirement System are among its investors.

Remaining assets include materials handling firm Gunnebo Industrier and Balco, a manufacturer of balconies for residential properties, according to Segulah’s website.

The 2014-vintage Segulah V closed below its Skr5.2 billion target on Skr2.40 billion in April 2016, after more than two years in market. Remaining assets include translation services company Semantix and construction company Zengun.

The Third Alcuin Fund, which makes lower- and mid-market growth investments in Europe, closed on its £100 million ($128.2 million; €113 million) target in November 2011, counting on support from investors such as the European Investment Fund.

It is not clear which assets remain in the fund.

Argentum was an existing investor in the Third Alcuin Fund, one of the the filing noted.

The firm has made investments in 129 global and European buyout and venture capital funds since 2001. It allocates around €100 million a year to secondaries, Secondaries Investor reported in 2016. That year the asset manager picked up stakes in three EQT funds from Danish holding company Motortramp.

Argentum, Alcuin, BlackRock and PPMC did not return requests for comment. Segulah did not wish to comment further.