GSAM transferred stakes in Waterland Private Equity Fund IV (WPEF IV) to Madrid-based Arcano Asset Management. Goldman held the stakes through five vehicles including Private Equity Partners IX Offshore Holdings, AIMS/NJ Euro Small and Mid Fund II, Private Equity Partners IX MGR, Private Equity Partners IX and Private Equity Partners IX PMD QP.
WPEF IV is managed by Waterland Private Equity Investments, a Netherlands-headquartered private equity firm focusing on growth investments in Europe. The fund, which invests in medium-sized companies with sales between €10 million and €150 million in Germany and the Benelux region, closed on €816 million in August 2008 after six months of fundraising, according to PEI’s Research and Analytics division.
Funds managed by Waterland were the seventh most in demand in the European buyout mid-market in the third quarter of 2015, according to a September report by intermediary Setter Capital.
Arcano acquired the stakes through its Arcano Secondary Fund II, a dedicated secondaries vehicle that closed on €100 million this year. The fund was close to 50 percent invested, Arcano’s chief investment officer Ricardo Miró-Quesada told Secondaries Investor in July. The firm plans to fully invest the fund by the first half of 2016.
Arcano Secondary Fund II was aiming for a minimum internal rate of return (IRR) of 15 percent and at least a 1.5x return on capital, Miró-Quesada said.
Waterland did not immediately return requests for comment. GSAM and Arcano declined to comment.