HarbourVest and LGT lead on Triton’s multi-asset continuation fund

HarbourVest Partners and LGT Capital Partners have emerged as lead buyers on Triton Partners’ sizeable multi-asset continuation fund process, Secondaries Investor has learned.

The pair are set to back a process which involves the firm’s 2013-vintage Fund IV, according to two sources familiar with the transaction. Eurazeo and Pantheon are also co-underwriters on the transaction, one of the sources said.

Triton is seeking to carve out four assets – Assemblin, Unica, Flokk and EQOS Energie – representing €1.3 billion of net asset value, Secondaries Investor reported in July. The transaction, which is set to wrap up imminently, is understood to have been priced at a discount to net asset value.

Triton IV Continuation Fund will provide additional capital for further investment in the businesses, such as add-on acquisitions, a source told Secondaries Investor last year.

Evercore is understood to be running the process.

Triton Fund IV closed above its €3 billion target, reaching €3.5 billion in 2013, according to PEI data. LPs include CPP Investments, Pennsylvania Public School Employees’ Retirement System, Teacher Retirement System of Texas and Washington State Investment Board.

The GP is in market with Triton Fund VI targeting €5.5 billion, according to PEI data. Predecessor Triton Fund V closed on €5.2 billion in 2018, surpassing its €4 billion target.

HarbourVest has also taken a lead position on a three-asset continuation fund deal run by Madison Dearborn alongside Neuberger Berman and AlpInvest Partners, affiliate title Buyouts reported this week.

The assets involved in that deal, all held in Madison’s seventh fund, are insurance brokers Ardonagh Group, Navacord and insurance services company Amynta Group, sources told Buyouts.

HarbourVest Partners and Pantheon were also buyers in the €708 million continuation fund deal to move two assets out of Deutsche Private Equity‘s 2016-vintage DPE Deutschland III last year. AlpInvest is understood to have led that consortium.

Despite buyers suggesting they would seek diversified exposure in GP-led transactions, single-asset secondaries outpaced multi-asset continuation funds in 2022, with deals totalling $21 billion versus $18.5 billion respectively, according to a report from Campbell Lutyens this week.

Triton, HarbourVest, Eurazeo and Pantheon declined to comment. LGT and Evercore did not respond to a request for comment by press time.