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Australian LPs sell Actis fund stakes

Actis Emerging Markets 3 invested in Brazilian cleaning products company Gtex and Egypt-based Commercial International Bank.

A group of Australian superannuation schemes and government organisations have sold a portion of their stakes in Actis Emerging Markets 3, according to UK regulatory notices.

The sellers include the Emergency Services Superannuation Scheme, the Transport Accident Commission and the Victorian Workcover Authority.

Actis Emerging Markets 3 closed on $2.9 billion in 2008, according to Actis’ website. Other LPs in the fund include the Pennsylvania Public School Employees’ Retirement System, the University of Wisconsin Foundation and the West Midlands Pension Fund, according to PEI’s Research and Analytics division.

Fund 3’s investment strategy was to make control investments in between 40 and 60 companies in Africa, China, India, Latin America and Southeast Asia, according to documents from PSERS.

In November 2010, the fund invested $58 million in Brazilian brokerage firm XP Investimentos, with plans to prepare the company for an initial public offering, and $53 million in Brazilian cleaning products company Gtex, according to Actis’ website. Fund 3 also paid $244 million for a 50 percent stake in Egypt-based Commercial International Bank in July 2009.

Fund 3 was generating a 1.1x multiple of capital of 9 percent net internal rate of return, as of 31 March 2011, according to PSERS documents.

Actis was unavailable to comment at press time.

The fund stakes were sold to UBAR Investment Holdings, which is reportedly a subsidiary of Goldman Sachs Asset Management, and PEC Lawson Holdings. little is known about PEC Lawson Holdings, which is listed as a Delaware corporation.  A spokesperson was unavailable for comment at press time.