Partners Group backs Alantra fund restructuring

The process involved the firm's 2007-vintage buyout fund, which was subject to an abandoned stapled deal in 2015.

Partners Group has backed a GP-led process on Spanish firm Alantra Partners‘ 2007-vintage buyout fund, which was subject to an abandoned stapled transaction three years ago.

The three remaining assets in the €304 million Alantra Private Equity Fund II have been moved into a continuation vehicle backed by Partners Group, according to a statement from Alantra. The size of the new vehicle and pricing of the deal were not disclosed.

The assets transferred were orthopedic prosthesis distributor MBA, media company Grupo Secuoya and electronic access systems manufacturer Salto, the statement added. PEF II has made six exits so far.

King Wood Mallesons provided legal advice to Alantra.

Partners Group, which was an existing investor in the fund, approached Alantra about the deal, Secondaries Investor understands. No advisor was used.

In 2015 Secondaries Investor reported that N+1, as Alantra was then known, had decided not to go ahead with a stapled transaction involving investors in PEF II and the 2007-vintage Mercapital Spanish Buyout Fund III selling their stakes to an incoming buyer. Not enough existing limited partners wanted to sell.

The staple was to help raise N+1 Private Equity Fund III, which closed on target in 2017 on €450 million, according to PEI data. Other investors in PEF II include BMO Global Asset Management, Access Capital and Idinvest Partners.

In July, Secondaries Investor reported that HarbourVest Partners was to back a GP-led process on the 2009-vintage, €250 million ProA Capital Iberian Buyout Fund I, managed by Spanish buyout firm ProA Capital.

HarbourVest also backed the restructuring of Iberia-focused Portobello Capital II, a €331 million buyout fund, which took place in August 2015.

N+1 underwent a series of M&A events, including a 2016 merger with Boston-based investment bank CW Downer & Co. The combined entity was renamed Alantra in 2016.