Last week saw a secondary market transfer of private equity fund interests between two high profile GPs. CapMan Capital Management, the Nordic private equity firm, transferred interests in three funds to a non-listed feeder fund named CapMan Fund Investments SICAV SIF, which in turn received a EUR 17 million injection from GIMV, the Belgian private equity firm. In doing so, GIMV acquired interests in CapMan Technology 2007, CapMan Russia and CapMan Public Market. GIMV also took the opportunity to acquire a 4.38% stake in CapMan itself.
The deal exhibited a number of interesting secondary market transaction features. Firstly, the private equity funds in question were all less than 40% called up, giving the deal the characteristics of a ‘secondary lite’ or ‘early secondary’ transaction. Secondly, the deal included a primary commitment of EUR 13 million to CapMan’s next Nordic private equity buyout fund, CapMan Buyout IX - a stapled secondary transaction. Interestingly, however, the deal involved the movement of private equity fund interests between two GPs, rather than between LPs - which is more often the case outside the secondary market for direct private equity assets.
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