The London-headquartered buyout shop moved the four remaining assets in Permira IV into a five-year continuation vehicle, according to a statement from lead backer Coller Capital. The vehicle received $829 million of aggregate commitments.
The pricing and the proportion of LPs that rolled are not clear.
“This is exactly the kind of complex liquidity solution in which Coller Capital specialises, involving a portfolio of high-quality assets, anchored in fast-growing technology sectors, managed by a strong GP,” said Jeremy Coller, the secondaries firm’s chief investment officer.
The statement noted that part of the largest asset in the fund Genesys was held by a co-investment vehicle that was subsequently rolled into the continuation fund.
Hellman & Friedman accounted for a majority of this vehicle, according to a source with knowledge of the matter. The San Francisco-headquartered firm already held a minority interest in Genesys, which it acquired in 2016 for around $900 million, and used the co-investment vehicle to increase its stake while gaining exposure to the other companies in Permira IV.
Genesys is a customer services-focused software provider Permira acquired in 2012 for $1.5 billion, carving it out of telecommunications equipment company Alcatel-Lucent.
Fund IV raised €9.64 billion by final close and attracted commitments from investors including Alaska Permanent Fund, WK Kellogg Foundation and Teacher Retirement System of Texas, according to PEI data. The California State Teachers’ Retirement System is one of the largest LPs in the fund, having committed $965.4 million.
Permira IV delivered a 7.8 net internal rate of return and a 1.5x investment multiple as of 30 September, according to data compiled by from the California Public Employees’ Retirement System.
Hellman & Friedman did not wish to comment on its role.