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Diageo, Pantheon sell IK stakes to Hollyport

The London tail-end specialist has picked up stakes in a 2004-vintage fund managed by the most in-demand European mid-market LBO firm.

The pension trust for drinks manufacturer Diageo has sold stakes it held in IK Investment Partners‘ 2004-vintage buyout fund to tail-end specialist Hollyport Capital.

Hollyport used its Hollyport Secondary Opportunities IV fund to buy stakes in Industri Kapital 2004 from the pension fund and from fund of funds manager Pantheon, according to a UK regulatory filing.

Pantheon used its Pantheon Europe Fund II, a 2001-vintage vehicle that closed on $420 million, according to PEI Research and Analytics.

The deal closed on 2 February, according to the filing.

IK 2004 Fund is a 2004-vintage €825 million vehicle that invested in western Europe and the Nordics, according to IK’s website. The fund currently holds 12 assets including Attendo, a Swedish care sector firm, and Magotteaux, a Belgian industrial goods manufacturer.

IK was the most in-demand European mid-market leveraged buyout manager on the secondaries market in the third quarter of last year, according to advisory firm Setter Capital.

A spokesman for IK confirmed the deal, adding Pantheon retains significant interests in the fund.

London-based Hollyport recently tapped its fifth secondaries fund to acquire stakes in Bridgepoint Europe II from BlackRock, as Secondaries Investor reported.

Hollyport and Pantheon declined to comment. Diageo did not return a request for comment.