We have acted on numerous “secondary direct” portfolio acquisitions, “management secondaries”, the purchase and sale of fund portfolios and innumerable negotiated fund purchase and sale transactions. Our track record in the area of secondaries is extensive. We have acted on some of the most significant sell-side mandates of recent years, particularly for a broad range of financial institutions and a number of large Middle Eastern sovereign funds. On the buy-side we have acted for some of the most important financial investors in the private equity secondaries market.
- AIG Asset Management: advising on its sale of US$4.5bn global investment portfolio as part of the broader restructuring of AIG, a portfolio of over 350 private fund and co-investment interests with a NAV of approximately US$1.9bn to a joint venture buyer and a portfolio of over 25 private fund interests with a NAV of approximately US$650m by way of a “mosaic” auction that resulted in approximately 10 unaffiliated U.S. and non-U.S. buyers.
- Ares: advising on the acquisition of American Capital and subsequent sale of European Capital and related secondary sales of various LP stakes in European Capital investment funds.
- Generali: advising the largest Italian insurance company on various secondaries projects across numerous sectors and European and Asian geographies.
- KKR: advising on its first GP-led secondary fund restructuring, a sale of an approximately US$500m portfolio investment from its private equity platform to a newly established fund with investments from KKR’s balance sheet, existing fund LPs and new third-party investors, all buy-side secondary transactions from its CPS platform and the multiple sales of private equity portfolio, including sales to various global private equity secondary investment fund managers.
- Paul Capital: advising on the secondary acquisition of a private equity fund portfolio from UniCredit, on the acquisition of an investment portfolio consisting of private equity, mezzanine and debt investments from a Cayman domiciled hedge fund and on a complex multi-jurisdictional friendly takeover of a hedge fund portfolio.