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NEWS COMPENDIUM Tracking the Dynamic Secondaries Market Across Asset Classes Contents www.secondariesinvestor.com NEWS COMPENDIUM Tracking the dynamic secondaries market across asset classes contents Headlines Q&A Welcome Temasek’s Astrea II Catching up with Dear reader, nearly $1bn in size CalPERS Welcome to our special Réal Desrochers, head of private Motion Equity restructuring equity for the $277bn California Secondaries Investor compendium. cost $430m Public Employees’ Retirement System, talks us through the Regular visitors to our Pantheon: restructurings benchmark LP’s secondaries website will know we offer worth $70.5bn strategy. a unique daily mix of stories, often providing new details Coller’s next fundraise Spinning out and key insights on market expected this year Andrew Dewar, managing developments. We track partner of Barclays Africa spin-out the institutions, funds and UK mulls $760m fund Rockwood Private Equity, talks us transactions shaping the interests sale through his firm’s spin-out. secondaries markets within private equity, real estate, Metropolitan to target infrastructure and private debt. real estate Secondaries UBS on $45bn in dry powder We also showcase hand- National Bank of Greece Rodney Reid, UBS’ head of selected, third-party secondaries advisory for EMENA, seeks buyer for PE spin-out commentary and research from discusses trends shaping the market this year. industry thought leaders on a Buyers lower weekly basis. return expectations The private (equity) This compendium collates some ADIA eyes fund life of banks of the most interesting – and restructurings Coller Capital chief executive most popular – items we’ve officer Tim Jones explains the published recently, giving you Cogent founder cycles of regulation that could an informative snapshot of launches new firm lead to banks re-joining the buy- today’s secondaries markets. We hope you enjoy the Data collection and encourage you to visit our website for more. By the numbers Best wishes, A brief look at the recent investment trends and figures gripping the global secondaries markets. Funds in market Brian Cantwell A detailed list of all the current global secondaries funds in market, sorted Editor, Secondaries Investor by region. 1 NEWS COMPENDIUM 2014 headlines Temasek’s enterprise development group, letters of interest, which led to 10 parties said. “With the world recovering from performing due diligence and three official Temasek’s Astrea II the troughs of the global financial crisis, bids. It was unclear at press time who the nearly $1bn in size we assessed that it was timely for the next unsuccessful bidders were. Astrea co-investment product, and are More details emerge about now very pleased to have six high quality Rede Partners advised on the transaction. and like-minded long term institutional Both Rede and HarbourVest declined to the Ardian-managed fund co-investors with us in the Astrea II comment; Motion didn’t respond to a comprising 36 LP stakes. portfolio.” request for comment. The co-investment fund Temasek made The Motion deal represents one of the public in April contains 36 private equity first major European restructuring of an fund stakes worth nearly $1 billion, end-of-life fund. according to three sources close to the Motion Equity matter. restructuring cost In April 2012 Cognetas rebranded itself as Motion Equity Partners in a bid to The Astrea II portfolio includes interests $430m shake off negative publicity following in European private equity funds managed the departure of the firm’s managing by EQT, BC Partners, Equistone and New details have emerged partner and founder, Nigel McConnell. PAI Partners, Secondaries Investor has on HarbourVest’s ‘rescue’ McConnell left Cognetas in 2011 due to exclusively revealed. of Motion’s €1.25bn Fund “strategic differences”, as reported by PEI II, one of the first major at the time. An independent valuation of the fund restructurings of a tail-end was provided by Ardian, which is one of fund in Europe. Subsequently, Motion closed its office in six co-investors and the fund’s appointed Frankfurt, reduced its office in London GP, according to a Temasek statement HarbourVest Partners invested $430 and shifted its investment focus to French that noted the Singaporean institutional and Italian markets. investor would retain a 38 percent stake million to seal the recent Motion Equity in Astrea II. Partners restructuring, Secondaries Investor has learned. The firm’s second vehicle is fully deployed and has only managed to exit one business Secondaries Investor understands Ardian’s Approximately $400 million of that from this portfolio. It sold Ixetic, a stake to be worth up to $200 million, producer of high-performance pumps for which it financed with a mix of cash from amount went towards purchasing LP interests in the firm’s Fund II, with the the automotive sector in October 2012, Ardian’s secondaries Fund VI, debt and netting the firm a 2.2x return. sales of Astrea II stakes to its investors. balance allowing Motion’s management team to make further or follow-on With a lack of returns, Motion was not Temasek could not reached for comment investments, according to two sources close to the deal. in a position to raise a new fund. While at press time and Ardian declined to the fund is still in wind-down mode, comment. LPs in Motion’s Fund II, a €1.25 billion the backing from HarbourVest has given The launch of Astrea II is part of the Motion some extra time to realise the sovereign wealth fund’s longer term vehicle raised in 2005, had the option of either selling their stakes or staying in remaining assets, without being perceived initiative to broaden its co-investment as distressed sellers. In addition, the base, with the aim to eventually market the restructured vehicle for the next four years. Approximately half of Motion’s Motion team has been re-incentivised. It is products to retail investors, according to understood there was a carry reset on the its statement. LPs sold their stakes, leaving around 20 investors in the fund. HarbourVest then fund as part of the restructuring back in provided capital enough for two to three 2011. There is a bit of carry for the team “Launching Astrea I in 2006 gave us an and HarbourVest will top this up slightly. opportunity to start exploring how to new deals, sister title Private Equity International previously reported. broaden our co-investor base, starting The Motion deal follows some well- with long term institutional investors,” known restructurings that took place in Dilhan Pillay Sandrasegara, head of The auction process HarbourVest won took six months: there were twenty initial the US last year, including that of Willis 2 NEWS COMPENDIUM 2014 Stein & Company and Behrman Partners. “In fact, we’ve been able to identify 870 by the end of 2014. In the case of the Willis Stein fund, a active funds that are at least 10 years old, majority of existing LPs were bought out but only 200 of these funds have an NAV Coller declined to comment. with financing provided by Landmark of at least $100 million.” Partners, Vision Capital and Pinebridge The London-headquartered firm held the Investments, as well as Willis Stein High-profile restructurings last year final close for CIP VI on $5.5 billion in management. With Behrman Capital’s included Motion Equity Partners, July 2012. CIP VI invests in assets globally fund, the five remaining portfolio restructured by HarbourVest for $430 that range in size from $1 million to more companies in the firm’s third fund, a $1.2 million; Berwin Capital re-capitalised for than $1 billion, according to PEI Research billion 2000-vintage, were rolled into a $880 million; and the restructuring of & Analytics. new, $1 billion vehicle funded by CPPIB, Willis Stein & Partners’ 2001 vintage $1.8 Goldman Sachs and other investors. billion Fund III. CIP VI’s first deal was backing the March 2012 spin-out of Crédit Agricole Private Scarpa added the prospect of a $70.5 Equity, a European SME investor that billion pool of untapped business was an was renamed Omnes Capital. Other attractive opportunity for secondaries transactions have included the $1.03 Pantheon: buyers in the market but required high billion purchase of a Lloyds Banking restructurings levels of negotiations. Group portfolio and the backing of Barclays Africa spin-out Rockwood Private worth $70.5bn “General partner recaps could be a viable Equity. solution for ageing funds that have fatigued The global fund of funds’ LPs, GPs who are facing dwindling LPs in Fund VI include the California State figures show there are 200 management fees and portfolio companies Teachers’ Retirement System, Colorado funds over 10 years old that require additional capital to grow,” Public Employees’ Retirement Association said Scarpa. and Tyne and Wear Pension Fund in the with at least $100m of NAV. UK. “The key is structuring these transactions There are 200 decade-old funds with an so that the objectives of all these different aggregate of $70.5 billion in net asset constituencies are met.” value (NAV) according to fund-of-funds manager Pantheon. UK mulls $760m The firm said the $70.5 billion figure fund interests sale spans buyout, venture, mezzanine and Coller’s next distressed debt funds, growing to $86 Private equity stakes held billion across 870 funds ten years or older, fundraise expected by the Royal Mail’s pension if fund sizes were included below $100 this year fund could be sold off by million. the UK government. Coller’s $5.5bn Fund VI is Pantheon partner Rudy Scarpa said the Secondaries firms’ next big auction could $70.5 billion figure could rise due to the nearing the 75% invested threshold. be in the UK, where the government is large number of funds raised in 2006, weighing up the sale of $760 million- 2007 and 2008 and the length of time GPs worth of Royal Mail pension private take to exit their investments.
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