SLEPET buys €​20m Nordic Capital VII stake

SL Capital Partners' listed FoF paid a 2% premium, compared with a 2.5% discount for a stake in the same fund in September 2015.

SL Capital Partners’ listed fund of funds has acquired a €20 million stake in Nordic Capital VII, adding to its position in a fund it first bought into in 2015.

The firm paid €22 million, a 2 percent premium to its September 2016 valuation, according to the firm’s December report. This contrasts with the 2.5 percent discount it paid to acquire a €15 million stake in the same fund in September 2015.

SLEPET assumed outstanding commitments of £900,000 ($1.1 million; €1 million) on acquisition of the stake.

According to the firm’s 2016 annual report, Fund VII, the Swedish buyout firm’s €4.3 billion 2008-vintage vehicle, had recorded a net multiple of 1.5x to September 2016.

The acquisition is the first secondaries deal for the firm since it acquired a $60 million original commitment for £19 million in TowerBrook Investors III in June.

SLEPET also has €30 million committed to Nordic Capital’s eighth vehicle, a €3.5 billion fund that closed in 2013.

Edinburgh-based SL Capital invests in private equity through primary commitments, secondaries and direct co-investments, as well as in infrastructure, strategic credit and junior debt. The firm has raised more than €9.9 billion in the last 18 years.