The GP-led process being carried out on Innova Capital‘s fifth fund includes a staple to help raise a sixth, Secondaries Investor has learned.
According to one source with knowledge of the deal, the Boston-headquartered firm led a consortium of buyers, all of which will offer staples of varying sizes to Innova/6.
The target for Innova/6 is unclear.
Investors in the €381 million Fund 5 were given the option to either sell their stakes or roll over into a new vehicle managed by Innova, with some new terms, Secondaries Investor reported.
The deal is worth around €100 million and is being managed by Lazard.
Pricing was at an unspecified premium, according to one source close to the deal, and the LP vote was split roughly evenly between those who opted to stay and those who sold.
Innova/5 closed in 2010 above its target of €350 million and made its final investment last summer, Secondaries Investor understands.
Investors in the fund include fund of funds manager 57 Stars, which committed $26.58 million, Aberdeen Asset Management and ATP Private Equity Partners, according to data from Private Equity International.
Innova Capital’s funds target buyout opportunities in Central and Eastern Europe. Since 1994, it has invested almost €700 million across 10 countries in the region, according to its website.
Innova Capital did not return a request for comment.