Partners Group has acquired a portfolio of tail-end stakes from Finnish local government pensions institution Keva, according to UK regulatory filings. The funds include buyout, venture capital, mezzanine and debt strategies.
As part of the acquisition, Partners Group purchased three stakes in buyout funds managed by London-based Graphite Capital. Graphite Capital Partners VI is a £375 million ($580 million; €511 million) 2003-vintage vehicle, according to PEI’s Research and Analytics division. The fund’s current investments include outsourced staffing group Aktrion, UK tyre wholesaler Micheldever Tyre Services and sk:n, a provider of non-surgical cosmetic procedures.
The Switzerland-based firm also picked up stakes in Graphite Capital Partners VII ‘C’ and Graphite Capital Partners VII Top Up Fund. Graphite Capital Partners VII closed on £475 million in May 2007 and has held portfolio companies including automotive refinishing products maker UPOL and European luxury footwear company Kurt Geiger. Graphite invests in UK-headquartered businesses in deals up to £200 million across a range of sectors, according to its website.
Partners Group also acquired Keva’s stakes in Abingworth Bioventures III B, Nexit Infocom 2000 Fund and Indigo Capital V, according to separate filings.
Abingworth Bioventures III, which is managed by life sciences and healthcare sectors investment firm Abingworth, is a $225 million, 2001-vintage fund that currently holds three investments including Chroma Therapeutics, Hydra Biosciences and Labcyte, according to a spokeswoman for the firm. Abingworth invests between $15 million to $30 million in mainly US and European companies across sectors including biotherapeutics, vaccines, specialty pharma, diagnostics and instrumentation, according to its website.
Nexit Infocom 2000 Fund is a €66.7 million, 2000-vintage vehicle managed by Helsinki-based mobile and wireless venture capital firm Nexit Ventures, according to PEI data. Investments from the fund include software firm Conformiq.
Indigo Capital V closed on €550 million in June 2007 and provides mezzanine and junior debt to privately-owned European businesses, according to PEI data. The fund has 15 remaining investments and is managed by London-based Indigo Capital, which is no longer making new investments, according to its website. Investments from Indigo Capital V include doughnut retailer Krispy Kreme UK, according to its website.
As part of the portfolio sale, Partners Group also acquired three stakes in a tail-end IK Investment Partners buyout fund, Industri Kapital 2000, a spokeswoman for IK confirmed to Secondaries Investor in early October.
Partners Group acquired the portfolio from Keva through three vehicles including Partners Group Falcon Access, Partners Group Private Equity (Master Fund) and Partners Group Barrier Reef Access 7.
Keva has already used the secondaries market this year to dispose of fund stakes, including the sale of its interest in Arcus Infrastructure Partners‘s Arcus European Infrastructure Fund 1 to Standard Life’s SL Capital Partners.
Partners Group and Indigo declined to comment. Keva, Graphite and Nexit Ventures did not immediately return requests for comment by press time.