GP-Leds

The restructuring, financed in part by an investor group that includes Landmark and Vision Capital, is seen as a way of providing options to LPs in a fund that has lived beyond its intended life.

Gerry Grimstone will step down as chairman of Candover Investments as the investment team breaks away to form a new entity, Arle Capital Partners.

The firm’s secondary team, which has committed 75% of its $2.9bn Fund VII, has jointly funded the spin-out of a German VC group whose new media portfolio includes some high profile companies like Groupon.

A management group from Lehman Brothers Venture Partners will spin-out to become Tenaya Capital, which will have $750m in capital and 45 portfolio companies. HarbourVest completed a synthetic secondary transaction as part of the spin-out.