The private markets investor says post-2009 fund stakes are changing hands at a premium, leading it to focus on less competitive opportunities.
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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.
Secondaries Investor sat down with the winners from the most-talked about deal of the year, HarbourVest Partners, to discuss complex deals, what’s next for the firm, and those three little letters: SVG.
The niche secondaries firm acquired over 95% of shares in the London-listed private equity fund of funds in a friendly takeover deal.
The London-listed private equity investor has accepted HarbourVest’s offer to acquire its portfolio after the global investment firm raised its offer by £24m.
In an effort to trump a £748m preliminary agreement SVG reached with rival suitors Goldman Sachs and CPPIB, HarbourVest has also offered to buy the London-listed private equity investor’s entire portfolio, but for at least £783m.
SVG’s second-largest shareholder says it is ‘supportive of the SVG management’ as the UK private equity investor fends off an unsolicited bid from US rival HarbourVest Partners.
The firm’s listed fund of funds also sold a portfolio of 34 tail-end buyout stakes worth £33m in the first half of the year, according to its annual report.
The London-listed private equity investor urged shareholders to take no action on HarbourVest Partners’ £1bn bid, saying the 650p-a-share final offer ‘undervalues the company’.
The secondaries firm acquired a 24% stake in the UK private equity firm through its 2006-vintage $4.8bn Coller International Partners V fund.