Deals

Ironbridge progresses with $1.5bn restructuring

HarbourVest Partners has stepped in to rescue the two-year restructuring process of the Australian private equity firm's funds, giving investors the option of joining a new vehicle.

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Boston-based fund of funds HarbourVest will offer investors in two Ironbridge funds the option of leaving or joining a newly capitalised vehicle, according to two sources.

The A$450 million (€307 million; $420 million) Ironbridge Capital Fund launched in 2004, and the A$1.05 billion Ironbridge II launched in 2006, but is predominantly pooled, according to PEI data.

HarbourVest and Ironbridge were unavailable for comment at press time.

Ironbridge has been attempting a restructuring of its funds since early 2013 after interest for a proposed $1 billion targeted Fund III failed.

Last year, New Zealand media company MediaWorks, owned by Australian private equity firm Ironbridge Capital, was placed in receivership with financial advisory firm KordaMentha, according to a report from Private Equity International.

Ironbridge acquired MediaWorks in 2007 for NZ$551 million (€299 million; $407 million at the time) excluding debt, or NZ$727 million including debt.

LPs in the firm’s first fund included the California Public Employees Retirement System, UniSuper and Pantheon International Participations.

Second fund LPs include AlpInvest Partners, California State Teachers’ Retirement System and GIC, the sovereign wealth fund.