News & Analysis

Funds traded in Partners-Goldman sales disclosed

The global investment bank picked up at least two large portfolios from the Switzerland-based firm in the second half of last year.

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Duke Street, Cinven and BC Partners-managed buyout funds were among those Partners Group sold to Goldman Sachs Asset Management in deals last year, UK regulatory filings show.

Interests transferred by the Zug, Switzerland-headquartered firm were disclosed in separate filings in January and show Partners sold from 18 vehicles including its $150 million 2008-vintage Maple Leaf Secondary Fund II. Goldman used a vehicle named PE Hopkins Holdings to acquire the stakes.

In September Goldman emerged as the buyer of a tail-end portfolio of stakes from Partners Group‘s 2007-vintage secondaries fund worth around €800 million. Secondaries Investor now understands Partners also sold a second portfolio worth under $1 billion to Goldman toward the end of last year.

The January filings show stakes in the following funds were traded:

  • Duke Street Capital VI – a 2006-vintage fund that closed on €963 million and is managed by UK buyout firm Duke Street. Goldman later emerged as the lead buyer, alongside Arcano Capital Management, in a separate deal to restructure this fund.
  • Candover 2005 Fund – a €3.5 billion fund that focused on western Europe. The vehicle is managed by Arle Capital Partners following the 2011 buyout of Candover Partners.
  • Fourth Cinven Fund – closed above its €5 billion target on €6.6 billion in 2006. The vehicle’s investments include annuities provider Partnership Assurance Group which generated an 8x return when London-headquartered Cinven listed the asset in 2013, and Spire Healthcare, the UK’s second-largest private hospital group.
  • BC European Capital VII – a 2000-vintage €4.3 billion fund managed by London-headquartered BC Partners. The fund is fully liquidated, according to PEI data.
  • BC European Capital VIII – a 2005-vintage €5.9 billion vehicle that is partially liquidated, according to PEI data.
  • PAI Europe V – a 2008-vintage fund that closed above target on €2.7 billion. The fund holds seven investments including wall-building materials manufacturer Xella and ice cream maker Froneri, according to Paris-headquartered PAI Partners’ website.

Partners Group and Goldman declined to comment.