German asset manager WealthCap is the latest limited partner to sell its position in PAI Europe V, Secondaries Investor has learned.
In October, The State Board of Administration of Florida sold its stake to Partners Group, and one month prior French asset manager La Financière Patrimonial d’Investissement sold its position to existing investor The Graphite Enterprise Trust for £8.5 million.
Paris-based PAI closed its PAI Europe V on €2.7 billion in 2008. Other LPs include Pennsylvania Public School Employees’ Retirement Board (PSERS) and Canada Pension Plan Investment Board, according to PEI’s Research and Analytics division.
As of mid-2012, Fund V was generating a net internal rate of return of -3.3 percent, according to documents from PSERS.
The fund made 11 large buyout investments including R&R Ice Cream, women’s lingerie retailer Hunkemöller and cargo handling service Swissport.
The fund has partially sold its investment in IT services company Atos and in June it fully exited duty free retailer Nuance for CHF 1.55 billion (€2.8 billion; $1.63 billion). Together, the two exits generated an average return of more than 2.5x.
PAI is currently in market with its sixth fund, which launched earlier this year and has collected €2.8 billion toward its €3 billion target, according to PEI data.
PAI declined to comment.
WealthCap is the German asset manager of Italian bank Unicredit. The firm sold its stake to Luxembourg-registered Stratus Investments. Little is known about Stratus and principals could not be reached for comment by press time.