Deals

The Belgian firm has bought three ‘early secondary’ interests in CapMan funds, made one primary commitment and is eying a 10% stake in the management company.

The public US pension, which last reported assets valued at $16bn, decided to look for purchases on the secondaries market because ‘sellers were looking to sell high quality allocations at deep discounts’.

The $50.6bn Massachusetts pension purchased the secondary stake in Denham Capital Management Commodity Partners V from Harvard.

The listed fund of funds has this week unloaded a total of £206m of unfunded commitments.

The London-listed private equity firm has offloaded a portfolio of 10 venture capital investments to the secondaries specialist. 3i has also exited its growth capital investment in shipping services company Instone International for between €30m and €50m.

The UK private equity firm has made its debut Spanish and solar investments with the acquisition of stakes in three photovoltaic plants in a secondaries transaction.

Euronext-listed fund of funds Lehman Brothers Private Equity Partners is changing its name to NB Private Equity Partners and will help its bankrupt parent company unload 14.5 million shares in secondary transactions beginning in mid-2010.

A management group from Lehman Brothers Venture Partners will spin-out to become Tenaya Capital, which will have $750m in capital and 45 portfolio companies. HarbourVest completed a synthetic secondary transaction as part of the spin-out.

Secondaries specialist Coller Capital was the largest investor in the listed fund of funds’ recent rights issue, having picked up 50 million shares. The investment was made from Coller's fifth fund, which is around 55% deployed; the firm is expected to raise up to $6bn for Fund VI later this year.

AAC Capital Partners, the former ABN AMRO buyout team, has secured €950m for further acquisitions from investors including Goldman Sachs, the CPPIB, AlpInvest and Adams Street.