Hollyport acquires more Advent VC stakes

The London tail-end specialist is increasing its exposure to Advent III after acquiring Deutsche Bank's stake in June.

Hollyport Capital has increased its exposure to a tail-end technology and life sciences fund through its fourth secondaries fund.

London-based Hollyport acquired Pantheon’s stake in Advent Private Equity Fund III (APEF III), which had been held by Pantheon Europe Fund II, according to a UK regulatory filing. Hollyport used its Hollyport Secondary Opportunities IV vehicle to acquire the interest.

Last June, the Londo firm acquired Deutsche Bank’s stakes in APEF III as well as its predecessor, Advent Private Equity Fund II, according to separate filings.

The deal with Pantheon closed on 1 February, according to the filing.

APEF III is a 2000-vintage £300 million ($432 million; €379 million) vehicle that focuses on healthcare and technology, media and telecommunications investments in North America and western Europe, according to PEI Research and Analytics.

The fund is managed by Advent Venture Partners, a London-based technology and life sciences investment firm, and has made 14 investments including software firm Amberfin and cancer and autoimmune diseases biotech company MediGene, according to the firm’s website.

London-based Advent typically invests between £5 million and £15 million in a company.

Hollyport recently tapped its £75 million fourth vehicle to acquire a stake in IK Investment Partners‘ 2004-vintage buyout fund from Pantheon.

Pantheon and Hollyport declined to comment. Advent did not return a request for comment.