Committed Advisors leads on Bencis’ €123m multi-asset continuation fund

The transactions sees four assets moved from Amsterdam-headquartered private equity firm Bencis’ €408m Bencis Buyout Fund IV into the new vehicle.

Paris-headquartered secondaries firm Committed Advisors has led on a €123 million multi-asset continuation fund.

The transaction sees four assets moved from Amsterdam-headquartered private equity firm Bencis Capital Partners’ €408 million Bencis Buyout Fund IV into Bencis IV Continuation Fund, according to a statement.

The vehicle will house industrial plastic packaging manufacturer CurTec, confectionery products producer The European Candy Group, Pressure Thermal Dynamics – a manufacturer of process equipment in materials such as titanium, super-duplex and high-nickel alloys – and instant food product producer Prinsen Berning.

The vehicle will provide additional capital to support the further growth of the four companies.

The continuation fund attracted “strong support” from existing investors with the Bencis team also investing, the statement said. The transaction also saw several new investors participate including institutional investors, private investors, family offices and senior professionals of former Bencis portfolio companies, it added.

Rede Partners acted as exclusive financial adviser on the transaction, with Bencis receiving legal advice from Proskauer Rose and Loyens & Loeff. Committed Advisors was advised by Hogan Lovells.

Committed Advisors held a €1.6 billion final close for its latest secondaries fund Committed Advisors Secondary Fund IV in 2020, beating its €1.25 billion target, according to Secondaries Investor data.

Earlier this week it emerged that Rede Partners is also advising European software specialist Volpi Capital on a process to give it more time and runway to manage two software companies – CycloMedia and Digital Barriers – out of its 2018 Volpi Capital Fund I into a continuation vehicle, according to two sources familiar with the matter.

Secondaries Investor understands the net asset value of the two assets is between €250 million to €300 million.