News & Analysis

UniCredit sells second portfolio to SwanCap

UniCredit has sold at least nine private equity fund stakes to its asset manager spin-out SwanCap.

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UniCredit has sold another portfolio of private equity fund stakes to SwanCap, which spun out from the Italian bank in 2013.

SwanCap purchased the portfolio of nine fund interests using its second fund, SwanCap Opportunities II SCS-SIF, which held a final close on €600 million in December, according to a statement from the firm.

About €300 million of the fund has been invested to date, a source with knowledge of the situation told Secondaries Investor. The fund makes primary and secondary investments across Europe and North America, according to the SwanCap’s website.

SwanCap’s debut fund closed on $1.2 billion in January 2014, with an anchor commitment from AlpInvest. The Carlyle-backed fund of funds manager led SwanCap’s spin out, although UniCredit has remained a passive shareholder in the new firm.

The first fund was used to acquire an initial portfolio from UniCredit, which included stakes in the Third and Fourth Cinven Funds and Lion Capital Fund II, UK regulatory filings disclosed.

Funds in the the most recent portfolio sale include:

Fund name Vintage year Size
Apax Europe VI 2005 €4.31 billion
Apax Europe VII 2007 €11.2 billion
BC European Capital VII 2000  €4.27 billion
BC European Capital VIII 2005  €5.88 billion
BC European Capital IX 2010  €6.68 billion
BlueGem Capital Partners 2006  €200 million
Candover 2005 2005  €3.5 billion
Carlyle Europe Partners III 2006 €5.4 billion
Doughty Hanson & Co IV 2004  €1.5 billion
Doughty Hanson & Co V 2007 €3 billion
Magnum Capital  2007  €866 million

Sources: UK regulatory filings, PEI’s Research and Analytics division

Principals from UniCredit and SwanCap did not return a request for comment by press time.