Montauk TriGuard buys into IK 2000 – updated

Montauk TriGuard has purchased an interest in Industri Kapital 2000 using its fifth secondaries fund, according to UK regulatory filings.

Industri Kapital 2000 is managed by IK Investment Partners. The fund raised €2.1 billion and invested in 21 companies in Denmark, Finland, France, Germany, the Netherlands, Norway and Sweden.

Targeted investments were medium- and large-sized pan-European buyouts, as well as family-owned businesses and take-privates.

IK 2000’s largest investment was the €1.2 billion purchase of industrial and mining explosive manufacturer Dyno Nobel. IK merged the company with US-based chemicals manufacturer Ensign-Bickford Company and later sold it for $1.7 billion.

The fund has two remaining investments, according to IK’s website. They include Danish professional workwear label Kwintet and German artificial turf field and track company Sport Group, which were acquired in December 2005 and May 2006 respectively.

IK did not return a request for comment by press time.

Other limited partners to have exited the fund include Adveq and PineBridge investments, which sold their stakes to Willowridge Partners.

Montauk TriGuard purchased the interest from the Capita Trust Company, which is managed by Capital Dynamics.

Montauk TriGuard Fund V raised $300 million in 2011. The Irvine, California-based secondaries firm has since raised a subsequent fund, which closed on $500 million last year. Fund VI was substantially oversubscribed and received a $100 million commitment from The Oregon Public Employees Retirement Fund.

The firm didn’t return a request for comment.

This story has been updated to reflect that the Capita Trust Company is managed by Capital Dynamics, not UK-based professional services company Capita.