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Strategic Partners buys portfolio of PE stakes from Pomona

The portfolio includes funds managed by BC Capital, Carlyle and Stirling Square.

The Blackstone Group’s Strategic Partners has purchased a portfolio of private equity fund stakes from Pomona Capital, according to UK regulatory filings.

Known funds in the portfolio include: BC European Capital VIII, Carlyle Europe Partners III and Stirling Square Capital Partners I and II, all of which declined to comment.

According to PEI’s Research and Analytics division, BC European Capital VIII is a 2005-vintage fund that closed on €5.88 billion.

Fund VIII sold its stake in healthcare services business MultiPlan, generating a 2x return. It has also exited cleaning product and insect control company Spotless Group and Turkish supermarket chain Migros.

The fund was generating a net internal rate of return of 4.92 percent as of 30 September 2014, according to documents from the California State Teachers’ Retirement System, a limited partner in the fund.

Carlyle Europe Partners III (CEP III), raised €5.4 billion in 2006. The fund acquired a 48 percent stake in Italian luxury retailer Moncler in 2008 and sold most of its stake to investment firm Eurazeo in 2011. Moncler was listed on the Milan Stock Exchange in 2013 and Carlyle progressively sold the remainder of its stake until the middle of last year.

Other exits include French stainless steel heat exchange company Sermeta and UK cash management systems provider Talaris.

CEP III was generating a net IRR of 13 percent at the end of 2014, according to Carlyle’s fourth quarter earnings report.

Strategic Partners also recently bought a stake in CEP III from Kuwaiti conglomerate National Industries Group, Secondaries Investor reported last week.

London-based Stirling Square Capital Partners closed its first fund on $250 million in 2002 and its second fund raised €375 million in 2008, PEI data disclosed.

Stirling Square invests in European lower mid-market companies with enterprise values between €50 million and €500 million, according to its website. The firm currently has nine portfolio companies, including Italian leisurewear company Jeckerson and Portuguese helicopter fleet Omni Helicopters International.

The firm is in market with its third fund, which held a first close on €350 million in January, Secondaries Investor’s sister title Private Equity International reported.

Pomona sold the fund stakes from its seventh secondaries fund which closed on $1.3 billion in 2009. The fund invested in buyout and venture capital fund stakes as well as portfolios of direct investments.

Both Pomona and Strategic Partners were unavailable to comment on the transaction.