Landmark Partners has purchased $29 million of assets from Aberdeen International in a direct secondaries transaction.
The assets include public and private portfolio companies that have both equity and debt interests, according to a statement from Aberdeen.
During Landmark’s management period, Aberdeen will receive an additional $2 million for milestones achieved by the portfolio companies. Aberdeen plans to use all of the net proceeds from the sale for future investments.
“Due to current market conditions, we believe we can acquire additional investments which are currently undervalued in order to generate significant long-term returns for our shareholders, and capitali[s]e on the strong track record of our team investing in the mining industry,” Aberdeen president and chief executive officer David Stein said in the statement.
Toronto-based Aberdeen is a publicly listed investment bank that focuses on small-cap companies in the resources sector. Targeted commodities include gold and precious metals, industrial, agricultural and energy, according to its website.
As of 31 July 2012, Aberdeen was invested in 30 public companies and 16 private companies. Public companies included East Asia Minerals Corporation and Savory Gold Corporation and private companies included Brazil Potash Corporation and RamRiver Coal Corporation, according to the website.
It’s unclear which assets were sold to Landmark, but Six Point Partners advised Aberdeen on the secondaries transaction. The deal is expected to close on 15 October and is subject to customary approvals.
Landmark has been fundraising for its fifteenth secondaries fund since 2012. The fund had collected $1.14 billion toward its $2.5 billion target as of January. The fund has received a $100 million commitment from the New Mexico State Investment Council and a $60 million commitment from the Ohio Police & Fire Pension Fund. The firm is also in market with its seventh real estate secondaries fund, which had collected $670 million toward its $1 billion target, through 11 August.
Landmark was unavailable to comment by press time.