Australia’s Sunsuper sells $300m PE portfolio – exclusive

The Brisbane, Australia-based superannuation fund has sold roughly 40 private equity fund interests to Partners Group.

Brisbane, Australia-based superannuation fund Sunsuper has sold a portfolio of $300 million-worth of private equity fund stakes, Secondaries Investor has learned.

The portfolio was sold to Partners Group and a few other buyers, a source familiar with the matter said.

The portfolio includes roughly 40 funds managed by 20 general partners. The funds are a mix of vintage years and are spread across Australia, Europe and the US.

Sunsuper ran a global tender offer to select an advisor to auction off the portfolio. It chose Park Hill because of its local presence. The firm has an office in Sydney, according to its website.

Park Hill, Partners Group and Sunsuper declined to comment.

It is understood the transaction marks Sunsuper’s first-ever private equity secondaries sale, although it had previously sold off real estate and infrastructure assets, mostly on a direct basis.

The A$29.2 billion (€21.2 billion; $22.7 billion) superannuation fund is still investing in private equity, but plans to focus more on co-investments. It selected to sell off certain private equity assets where it had limited exposure or where it had not re-upped to the successor fund, the source explained.

Known funds in the portfolio sale include 2007-vintage Vitruvian Investment Partnership (VIP I), according to UK regulatory filings. VIP I is a €925 million fund managed by European mid-market private equity firm Vitruvian Partners, which declined to comment.