Mizuho sells 3i, Cinven stakes to Lexington

The 3i Eurofund V and Carlyle European Partners III are included in the estimated $1bn portfolio Mizuho has sold to Lexington.

Four European private equity funds are part of the portfolio of fund stakes Tokyo-based Mizuho Financial Group has sold to Lexington Partners, UK regulatory filings disclosed.

The portfolio is reportedly valued at about $1 billion. Mizuho hired investment bank Evercore to sell off the assets and comply with the Volcker rule, according to media reports.

Mizuho declined to comment.

The funds include: 3i EuroFund V, Carlyle Europe Partners III (CEP III), The Fourth Cinven Fund and Charterhouse Capital Partners VIII (CCP VIII). 

The 3i EuroFund V raised €5 billion in 2006, according to PEI’s Research and Analytics division. It invested in European mid-market companies and was generating a gross money multiple of 1.3x, as of September 2014, according to 3i’s website.

CEP III is a 2006-vintage fund that closed on €5.35 billion. The fund conducts leveraged buyout transactions in European energy, healthcare, transportation, telecommunications and media industries, the firm’s website disclosed.

The Fourth Cinven Fund launched in 2006 and raised €6.5 billion, surpassing its €5 billion target. The fund’s gross value was 1.7x cost as of 31 December 2013, according to a statement from the firm.

CCP VIII is a 2006- vintage vehicle that raised €4 billion, according to PEI data. The buyout fund invests in Western Europe.

In December, it was revealed that other stakes in the portfolio include Carlyle Asia Pacific III and PAI Europe V.

Lexington purchased the portfolio using its 2013-vintage secondaries fund, Lexington Capital Partners VIII. The fund is in market targeting $8 billion. In November, it had collected at least $6 billion, a source familiar with the matter previously told Secondaries Investor.

Lexington was unavailable for comment by press time.