European lower mid-market secondaries firm Keyhaven joins lead investor StepStone Group and junior lead Los Angeles County Employees Retirement Association in the vehicle, which sees Nordic mid-market buyout house Adelis Equity Partners roll SSID out of Adelis Equity Partners Fund I.
Denmark-headquartered SSID acquired US gastrointestinal diagnostics company, TechLab, as part of the continuation vehicle, according to an August statement. Adelis originally bought SSID in 2016.
The deal is backed by several other institutional investors, as well as SSID’s management and board, 2021-vintage Adelis Equity Partners Fund III and Adelis team members, the August statement said.
Lazard advised on the deal, which was at least €300 million in size, according to a source with knowledge of the deal.
The continuation fund will look to expand SSID through add-on acquisitions, and plans to build out its operations in the US and China and launch in new and emerging markets.
Keyhaven is out in the market raising Keyhaven Secondaries Fund III, which held a first close on the equivalent of $163.17 million in December, Secondaries Investor reported at the time. The firm made a first sale in December 2020 and has a hard-cap of $585 million, according to a filing by the US Securities and Exchange Commission. The firm is raising in euros.
The latest fund the firm raised was Keyhaven Secondaries (Top Up) II, which closed on €105.6 million in 2019, surpassing its €100 million target, according to Secondaries Investor data. The vehicle supplemented its 2017-vintage Keyhaven Secondaries Fund II, which closed on €245.7 million, having targeted €350 million.