Glendower acquires stakes from Swiss insurer

Glendower Capital has acquired a portfolio of private equity stakes from a Swiss insurance company.

The portfolio shopped by Swiss National Accident Insurance Institution contained stakes in funds managed by 3i Group and Bridgepoint, among others, according to several UK public filings.

Secondaries Investor understands that SUVA put a portfolio of $200-$300 million of non-core stakes on the market in the fourth quarter. It is not clear what proportion of this was acquired by Glendower.

Suva has $50 billion in assets under management, 19 percent of which is allocated to alternatives.

The 2005-vintage Bridgepoint Europe III closed on its $2.5 billion target in July 2005, after three months in the market, according to PEI data. Investors in the fund include Canada Pension Plan Investment Board, California Public Employees’ Retirement System and New Mexico State Investment Council.

3i Europartners V raised €5 billion against a target of €3.5 billion by final close in November 2006, according to PEI data, from investors including New Mexico State Investment Council and Teachers’ Retirement System of Louisiana.

The fund had a 2.6x gross money multiple as at 30 September 2018, Secondaries Investor understands.

Glendower is in market seeking €2.5 billion for Glendower Capital Secondary Opportunities Fund IV, its first fund since spinning out of Deutsche Asset Management, now named DWS, in summer 2017.

Financial institutions accounted for 16 percent of secondaries transactions by volume in 2018, according to data from advisor Evercore.

Glendower, Bridgepoint and 3i did not wish to comment. Suva did not return a request for comment.

UK-headquartered Bridgepoint acquired a majority stake in PEI Media last year.