An unlikely trio has backed a GP-led process on Luxembourg-based Augur Capital Group‘s 2010-vintage buyout fund.
Special situations investor SALU Capital, fund administrator Apex Group and investor in insurance companies Inlife Holding purchased all of the outstanding stakes in Augur Financial Opportunities II from the fund’s investors in a deal run by Elm Capital, according to a statement from SALU.
Fund II had two remaining assets, German life insurer myLife and Luxembourg-based fund administrator LRI Group, the statement notes. These were sold respectively to Inlife and Apex, with SALU, which focuses on complex special situations deals in the financial services sector, jointly backing both acquisitions.
The deal was announced in June but has only now closed.
The process began as a tender offer, with Augur intending to offer liquidity to its investors while continuing to manage the assets, Secondaries Investor has learned. When it became apparent that LP take-up would be 100 percent, the process turned into a fund liquidation.
There were around 15 LPs left in the fund, many of which were funds of funds, Secondaries Investor understands. The remaining net asset value in the fund and the price paid is not clear.
Augur Financial Opportunities II raised €212 million for mid-market European buyout investments by final close in October 2011, according to PEI data. It had been seeking €250 million. Investors in the fund include the State Pension Fund of Finland and New York State Common Retirement Fund.
It is not clear if the firm will attempt to raise another fund.
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