JPMorgan Private Equity Limited (JPEL) has sold its interests in Parallel Private Equity funds Parallel Ventures and Parallel Private Equity to a UK pension fund, according to UK regulatory filings.
The stake was bought by National Grid UK Pension Scheme Trustee, which is managed by London-based Aerion Fund Management.
JPEL’s proceeds from the sale were approximately $36.1 million, or 96.25 percent of NAV, JPEL said in its second quarter report. The sale will also release the firm from unfunded commitments of around $10.6 million.
JPEL acquired the the Parallel portfolio in 2011. At the time the interests comprised of 38 co-investments with 2007 and 2008 vintage years. The co-investments were made alongside firms including Duke Street Capital, 3i and Milestone Capital Partners, according to JP Morgan Asset Management executive director Rosemary De Rise.
London-based Parallel Private Equity is a co-investment firm that invests in the European mid-market, according to its website. In 2007, Parallel committed €200 million to Duke Street Capital’s sixth fund over a four year period, according to Secondaries Investor’s sister publication Private Equity International.
In its quarterly review, JPEL said its NAV per share rose to $1.14 in June from $1.13 the prior month, taking into account proceeds from the sale of the Parallel portfolio. JPEL’s top 20 fund investments at 30 June 2014 include the $254 million Alcentra Euro Mezzanine No1 and Macquarie European Infrastructure Fund, which closed on €1.5 billion in 2004.
Aerion Fund Management was unavailable to comment by press time.