HarbourVest to back ProA GP-led – exclusive

ProA Capital's 2009-vintage fund has five remaining assets and net asset value of around €200m.

HarbourVest Partners is the proposed buyer of a GP-led process on a crisis-era Spanish buyout fund, Secondaries Investor has learned.

Investors in ProA Capital‘s 2009-vintage ProA Capital Iberian Buyout Fund I are being given the option to cash out their stakes to the Boston-headquartered investment firm or roll over into an extension vehicle, according to two sources familiar with the deal.

The transaction is expected to close as early as in July and is priced at a premium, Secondaries Investor understands. Fund I, which raised €250 million by final close in 2008, has around €200 million in remaining net asset value.

Greenhill Cogent is running the process, according to a separate source.

Fund I holds five remaining assets, including bicycle components manufacturer Rotor, healthcare provider Hospital de Llevant and ICT firm Ibermatica, according to Madrid-headquartered ProA’s website.

Investors in the fund include AP Fonden I, the European Investment Fund and ATP Private Equity Partners, according to PEI data. ProA held the final close on a follow-on fund in 2014. ProA Capital Iberian Buyout Fund II raised €350 million, exceeding its target of €325 million, after around seven months in market.

The firm makes investments in companies between €30 million and €500 million in size, according to its website. It focuses mainly on Spain and can invest internationally.

The existence of the process was first noted by Spanish financial news website Capital Riesgo in February.

ProA, Greenhill and HarbourVest declined to comment.