The Royal Borough of Windsor and Maidenhead has sold its stake in Advent International Global Private Equity III, according to a UK regulatory filing.
The sale was part of a small group of funds RBWM is selling to marginally reduce its exposure to private equity, according to pension fund manager Nick Greenwood.
Advent GEP III closed on $1.2 billion in 1997, according to PEI’s Research and Analytics division. Limited partners in the fund include the Andrew W Mellon Foundation, The Royal Bank of Scotland Group Pension Fund and Coller Capital.
Advent GEP III invested in Western Europe and North America. The fund had been generating an internal rate of return of 8.96 percent as of 31 December 2011, according to documents from Massachusetts Pension Reserves Investment Management.
Advent is currently investing GEP VII, which closed on $10.8 billion in 2012, according to its website. The fund invests in the business and financial services, healthcare, industrial, retail and consumer and technology and media sectors. The average investment size is $250 million, although the fund can make investments of up to $1.25 billion.
Advent declined to comment.
RBWM is the administering authority to the Royal County of Berkshire Pension Fund. This is the pension’s second private equity fund sale since August. Previously the pension sold its stake in Pantheon Europe V to SL Capital Partners, for a discount to net asset value.
The Advent stake was sold to Glenmede Investment and Wealth Management and PCT Partners. Glenmede is a Philadelphia-based investment firm that was founded to manage the corporate trust of the Pew family. Today the firm has more than $25 billion of assets under management. Little is known about PCT except that it is a Delaware-registered investor. Principals from both buyers were unavailable to comment by press time.
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