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NB, Pantheon sell Doughty stakes

HarbourVest Partners paid €150m for limited partner stakes in Doughty Hanson Funds IV and V.

Neuberger Berman and Pantheon are among the limited partners that sold their stakes in Doughty Hanson & Co Funds IV and V to HarbourVest Partners, according to UK regulatory filings.

HarbourVest paid €150 million for select positions in the two funds, Secondaries Investor exclusively reported last week. The firm also committed about €65 million to Doughty Fund VI, which is currently in market.

Neuberger Berman invested in Fund IV using its NB Crossroads XVII fund and other pools of capital. Other LPs that sold their stake include Hamburg fund of funds MPC Capital, former Doughty partner Stephen Horn and Wanderers Management, which has retained a portion of its commitment.

All three investors were unavailable to comment.

Pantheon invested in Fund V using its Pantheon Europe Funds IV and V and other pools of capital. Edinburgh-based Diageo Pension Scheme and Irish life insurance company New Ireland Assurance & Co also sold their stakes. New Ireland only sold a portion of its interest however, retaining a reduced commitment.

Both pensions did not return a request for comment by press time.

Limpart Holdings also divested its stake to HarbourVest. Little is known about the investor, except that it is based in Abu Dhabi. Principals were unable to comment.

After winning the bid through a narrow auction process ran by Credit Suisse, HarbourVest offered LPs a set price for their fund stakes. Sources said the price was a discount to the stakes’ net asset value and that few LPs actually sold their positions.

The sellers represent a diverse group of LPs including family offices and soveriegn-style investors, a source familiar with the matter said.

The transactions occurred on 31 December 2014, UK filings disclosed.