FSN Capital in market with European multi-asset continuation fund process – updated

Another European private equity manager is out in the market with a multi-asset continuation fund process, Secondaries Investor has learned.

Northern Europe private equity firm FSN Capital is looking to move several portfolio companies into a continuation fund, according to four sources familiar with the matter.

The process involves two to three assets, according to two sources. The size of the transaction is unclear.

One of those sources said the process launched in the first quarter. The transaction is in its early days with no lead buyers as yet, according to third source familiar with the matter.

The companies are part of the portfolio of FSN Capital V, one of the sources said. That fund closed in 2016 on €1 billion, according to affiliate title Private Equity International’s data. The vehicle, which invested in 14 portfolio companies, has 13 unrealised investments, according to FSN’s website. The fund exited Sweden-headquartered e-commerce company BHG Group in 2020, according to a statement.

Campbell Lutyens is understood to be advising on the transaction, the sources said. FSN did not respond to a request for comment at press time and Campbell Lutyens declined to comment.

FSN’s process follows a number of its European peers who have closed on continuation fund transactions this year. Last month alone, pan-European mid-market investor Oakley Capital moved German university group IU Group into a continuation fund, as Secondaries Investor reported. TPG GP Solutions, HarbourVest Partners, Goldman Sachs Asset Management, Glendower Capital and Pantheon backed the deal, according to a later statement about the transaction. The vehicle is understood to be €1.2 billion in size.

New York-headquartered mid-market investor One Equity Partners closed a $1 billion continuation fund for two Europe-headquartered assets in a transaction co-led by AlpInvest Partners and Harbourvest.

DACH-focused B2B software investor Maguar Capital moved SaaS HR software provider HRworks into a continuation fund with a total equity funding of more than €235 million, with Asante Capital Group advising, according to a statement.

GHO Capital Partners also moved UK-headquartered global contract development and manufacturing organisation Sterling Pharma Solutions into a continuation fund in a Jefferies-led process, a statement said.

– Adam Le contributed to this report. 

– This report has been updated to remove reference to associated parties in the final paragraph.