Blackstone’s Strategic Partners Fund Solutions has purchased a stake in Vision Capital Partners IV from Paul Capital for an undisclosed amount, according to a UK regulatory filing.
Strategic Partners made the purchase using Strategic Partners VI Investments. Paul Capital Partners VII, the fund that sold the stake, will no longer be a limited partner in the Vision Capital fund.
Paul Capital has been selling several fund stakes in recent months as the firm is in the process of becoming a “closed-doors” firm. The firm had been searching for a buyer for six months, but halted the search in March 2014. It has since been managing existing funds, including its ninth fund which raised $1.65 billion in 2008. The firm returned commitments from Fund X, after the fund struggled to gain traction in 2013.
The last remaining investment in Vision Capital Partners IV, which closed in 2004, is Elegant Hotels Group, an upscale hotel operator in Barbados, which the fund acquired the same year.
Elegant Hotels went public on Tuesday on the AIM in London and was valued at about £88.8 million, while London-based Vision Capital retained a 23.8 percent stake in the company, according to a press release announcing the initial public offering.
Other initial investors in Vision Capital Partners IV included Landmark Partners and Goldman Sachs Vintage Fund II.
Paul Capital and Strategic Partners were not immediately available to comment while Vision Capital declined to comment.
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