News & Analysis

Sellers in EQT staple revealed

The former chief exec of Deutsche Telekom was one of the LPs who sold stakes to Partners Group, UK regulatory filings show.

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Secondaries Investor has uncovered the LPs who sold in Swedish private equity firm EQT’s staple deal.

Partners Group offered to acquire the stakes of limited partners in the 2011-vintage €4.8 billion EQT VI flagship fund and make a commitment to EQT Mid Market Asia III, which was close to reaching its €800 million hard-cap.

Five LPs sold, UK regulatory filings reveal, and their holdings were split 92.3 percent/7.7 percent between the PG Partners Fund and Partners Group Australia DC vehicles. In total, a capital contribution of €539.96 was transferred to Partners Group, according to the filing. Partners offered a premium to net asset value based on a 30 June valuation data, Secondaries Investor reported.

Among the sellers was Kai-Uwe Ricke, former chief executive of Deutsche Telekom and non-executive director with Delta Partners, a Dubai-based TMT advisory and investment firm. His capital contribution amounted to €35.01, according to the filing.

Swarthmore College, a $1.95 billion US university endowment, also opted to transfer its €300 capital contribution. The endowment has 16.58 percent of its assets invested in private equity, according to data from Private Equity International. Other Europe-focused buyout funds it has invested in include the 2013-vintage Bowmark Capital Partners V.

The UK Charities Aid Foundation, which advises people and corporations on the best way to give to charity, sold its stake in EQT VI through its CAF Nominees Limited vehicle. According to Companies House, recent appointees to the vehicle include COO of ‎Barclays Wealth and Investment Management Carole Machell and former president of the YouGov polling company Peter Kellner. CAF Nominees’ capital contribution was listed as €200.

Kastensson Holding AB was another seller. According to Swedish public records, the firm is linked to Bo Kastensson, the former chief executive of security technology provider Bewator and according to EQT’s website, an advisor to the private equity firm. Its capital contribution amounted to €25.

The final seller was AG Pensionsstiftelse, a vehicle belonging to PRI Pensions Garanti, a firm that sets up and administers pension funds for small and medium-sized businesses. The firm’s capital contribution as stated in the filing was €25.

EQT declined to comment. Partners Group and the LPs did not return requests for comment.