Charterhouse among stakes in €800m Irish pension sale

Charterhouse Capital Partners’ Funds VIII and IX were two of 24 fund interests bought from the National Pensions Reserve Fund (NPRF) of Ireland by Lexington Partners for €800 million earlier this year, according to a UK regulatory listing.

The Irish pension’s LP positions in CCP VIII and CCP IX were sold to Lexington Partners Fund VII on 3 April.

The Irish Treasury and Lexington declined to comment.

CCP VIII is a 2006-vintage $4 billion fund now fully invested. Like its predecessor, Fund IX focused on buyouts in Western Europe and raised $4 billion in 2008. according to PEI Research & Analytics. In May 2013, Charterhouse extended the investment period of Fund IX by 12 months, and is currently still investing..

Lexington ‘s 2008-vintage Fund VII is currently investing, having hit $7 billion in 2011, breaking its $5 billion target, with an aim to invest in North America and Western Europe, according to PEI R&A.

The sale of the  NPRF’s €800 million  portfolio to Lexington was reported by SecondariesInvestor in January; more recently it was reported that Lexington tapped a $1 billion credit line to help fund the purchase.

The portfolio was auctioned by UBS and comprised investments and commitments to 24 private equity funds spanning multiple vintage years, according to an NPRF statement at the time.

Last month Secondaries Investor reported that Lexington anchored Rosetta Capital’s purchase of a €200m pharmaceutical portfolio and had raised more than $3 billion towards an $8 billion target for its eighth secondaries fund.