CPG Carlyle acquires $28m SVP stake

Secondaries stakes accounted for almost half of total assets of the vehicle, which invests mainly in funds managed by The Carlyle Group.

CPG Carlyle Private Equity Fund, a closed-end vehicle that invests predominantly in funds managed by The Carlyle Group, has acquired a number of stakes including an interest in a fund run by distressed investor SVP Global.

CPG, which was formed in 2012 and is predominantly backed by high-net-worth individuals, acquired stakes in three SVP Global funds, including a $28.4 million stake in Strategic Value Special Situations Fund I in the second half of last year, filings with the US Securities and Exchange Commission show.

SVP’s special situations funds invest primarily in the distressed debt of mid-market companies and assets globally where the firm “can exert meaningful influence in both financial restructurings and operational improvements”, according to its website.

The firm is investing Special Situations Fund III, a $1.3 billion vehicle that closed in 2014.

CPG also acquired a $4.1 million stake in SVP’s Strategic Value Global Opportunities Fund I and a small position in the firm’s Strategic Value Restructuring Fund I.

The fund also increased its exposure to Cerberus Capital Management, acquiring a $2 million stake in the 2003-vintage $1.8 billion Cerberus Institutional Partners III, a complement to its existing $7.7 million interest in Cerberus International SPV.

CPG Carlyle Private Equity Fund initially invested only in Carlyle funds and in the second half of 2014 began acquiring stakes in non-Carlyle vehicles. Secondaries purchases accounted for more than 47 percent of the fund’s total assets as of 31 December, according to a filing from 28 February.

CPG targets accredited high net worth individual and requires a minimum initial investment of $50,000. It is managed by New York-based Central Park Group.