Pomona and Strategic Partners trade tail-end Lion stakes

The 2004-vintage Lion Capital has invested in names including Weetabix, Jimmy Choo and Russia's largest vodka producer.

Pomona Capital has offloaded two stakes in a tail-end, consumer-focused buyout fund to Strategic Partners.

The stakes in Lion Capital I, a 2004-vintage, €820 million fund, were sold from Pomona Capital VII, the firm’s 2007-vintage, $1.3 billion flagship secondaries fund, according to two UK regulatory filings from November.

The Blackstone unit used its Strategic Partners Fund VII to buy the stakes. Fund VII is a $7.5 billion 2015-vintage secondaries fund which closed in January.

Pricing details of the deal were undisclosed.

Lion Capital I invested in marquee assets including shoemaker Jimmy Choo, cereal maker Weetabix and Russian Alcohol Group, the country’s largest vodka producer. The net asset value of Lion I and which assets remain in the portfolio are unclear.

Investors in Lion I include New York State Common Retirement Fund and Oregon State Treasury, according to PEI data.

According to performance information published by Oregon Public Employees Retirement Fund, Lion I delivered a net multiple of 2.06x and a 24.9 percent net internal rate of return as of the end of June.

Strategic Partners VII has made large tail-end acquisitions this year, including at least $700 million of pre-crisis stakes from Ardian in June. That deal included interests in Carlyle, Lyceum Capital and Rutland Partners funds, Secondaries Investor reported.

In August it was one of the buyers in a $100-million-plus divestment of mature stakes by Japan’s Norinchukin Bank.

Both deals were run by Greenhill Cogent.

Lion Capital and Strategic Partners declined to comment. Pomona Capital did not reply to a request for comment.