Swiss wealth management firm Banque Privée Edmond de Rothschild Europe has sold its stake in Partners Group’s 2008 secondaries fund, UK regulatory filings disclosed.
It is unclear why Edmond de Rothschild is exiting the fund and principals from the firm were unavailable to comment.
Partners Group Secondary 2008 exceeded its €2 billion target and closed on €2.5 billion in December 2009, according to PEI’s Research and Analytics division.
Other limited partners include PFA Pension and the Lothian Pension Fund. The Pennsylvania Public School Employees’ Retirement System (PSERS) also committed €150 million to the fund.
Select transactions include the purchase of a portfolio of assets from a bank, for a 70 percent discount to net asset value (NAV). The fund also acquired a portfolio of high quality assets from a distressed vendor looking for immediate liquidity, for a 50 percent discount to NAV.
The fund was generating a net multiple of 1.47x and a net internal rate of return of 24.7 percent as of March 2012, according to PSERS documents.
Partners Group has since raised two successor funds and recently launched its 2015 secondaries fund. However, the firm lost its managing director and co-head of secondaries Philipp Schnyder at the end of last year. The departure comes at a time when Partners Group is trying to become less dependent on its founders. In November, the firm said its chief operating officer Jürg Wenger also planned to step down.
Partners Group did not return a request for comment by press time.
Edmond de Rothschild Europe sold its stake on 31 December 2014 to another Swiss Bank, Julius Baer and Co, which declined to comment.