Stage Capital, which spun out of National Bank of Greece in 2016, is raising its second fund dedicated to European direct secondaries deals.
The London-headquartered firm, whose cornerstone investors are Glendower Capital and Goldman Sachs Asset Management, has an informal target of €100 million for Laurel II, according to a source with knowledge of the matter.
Stage seeded the fund with a portfolio of Polish shopping centres acquired from real estate manager Pradera, according to a statement seen by Secondaries Investor. Glendower put up the capital for the deal, which closed in December.
The assets were previously held by Pradera Central European Fund, a 2006-vintage core real estate fund that was going through liquidation, Secondaries Investor understands.
“In line with our overall strategy, we have provided a liquidity solution in a very complicated transaction and in a challenging sector,” partner James Huckle said in the statement. “We continue to see a lot of potential in Poland and CEE, and are currently assessing further opportunities.”
Stage Capital spun out of NBG in 2016 with a portfolio of 11 private equity, venture capital and real estate fund interests, as part of a €300 million process led by Glendower and Goldman, Private Equity International reported in 2016.
Stage mainly does deals of €30 million to €80 million in the European private equity and real estate markets. It targets situations that involve taking control of assets acquired on a direct basis, as well as GP-led processes and structured deals, with a preference for buying at a discount, Secondaries Investor understands.
The firm is led by managing partner Graham Thomas, alongside partners Huckle and Laurent Allegot, according to its website.
Europe-focused secondaries funds accounted for 9.8 percent of all secondaries capital raised in 2021, the highest proportion in at least five years, according to Secondaries Investor‘s fundraising download.