Pictet divests more PE fund stakes

Geneva-based private bank The Pictet Group has sold its second private equity fund stake to Partners Group in less than a week.

The two fund stakes include EQT VI and BC European Capital IX, which it sold earlier this month, according to UK regulatory filings.

EQT VI is a 2011-vintage fund that closed on €4.82 billion, surpassing its €4.25 billion target, according to PEI’s Research and Analytics division. LPs include the Ontario Teachers’ Pension Plan and fund of funds manager Capital Dynamics.

Fund VI has invested in 12 portfolio companies, according to EQT’s website. Its first acquisition was Atos Medical, a Swedish-based medical device company. Other investments include Danish plastic tray manufacturer Færch Plast and Finnish luxury mobile phone company Vertu.

EQT did not return a request for comment by press time.

Pictet is not the first LP to sell its stake in EQT VI. In August, Saudi Arabian trade and industrial conglomerate Rashed Abdul Rahman Al Rashed & Sons Group sold its positions in EQT IV, V and VI to Zurich-based family office Moonstone Investments.

Pictet sold its stakes in EQT VI and BC European Capital IX from its mixed asset fund Jungfrau Sicav Sif, which launched in 2011 and raised £810 million ($1.3 billion, €1 billion), according to data from investment research firm TrustNet.

A spokesperson from Pictet declined to comment on the transactions.

It is unclear which fund Partners Group used to acquire the fund stakes, but the firm is currently in market with its Partners Group Secondary 2015 fund. Its previous secondaries fund launched in 2013 and closed on $1.95 billion, surpassing its $1 billion target.

Partners Group declined to comment.