Capital Dynamics has emerged as the buyer of Italian fund of funds Advanced Capital’s 2006 portfolio, Secondaries Investor has learned.
The Zug, Switzerland-headquartered investment firm outbid several secondaries firms to acquire the stakes in a deal that closed in December, according to two sources familiar with the transaction. Pricing details were unclear.
It is understood there are a few remaining stakes that are yet to be transferred for administrative reasons.
Capital Dynamics is investing its 2014-vintage Global Secondaries IV fund, which held its final close on $564 million in June, above its $350 million target, according to PEI data. It was not clear if the firm used this fund to acquire the stakes.
Milan-based Advanced came to market with the bundle of stakes held in its €321 million ACII fund in a process run by UBS, as Secondaries Investor reported in December. The portfolio contained stakes in 26 buyout funds and had a net asset value of around $145 million as of 30 September.
ACII had an 8 percent net internal rate of return and a 1.6x net multiple as of the same valuation date, an Advanced spokeswoman said in December. Around 40 percent of the fund was invested in large buyout, 15 percent in mid-market buyout and 35 percent in debt funds.
UBS declined to comment. Capital Dynamics and Advanced Capital did not return requests for comment.