Vision Capital Partners VII closes on EUR680m

10 March 2009

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Fund

Vision Capital has held a final close of its secondaries direct fund, Vision Capital Partners VII, at EUR680m. The fund, which held its first close in March 2008, had a target of EUR1bn and a hard-cap of EUR1.5bn. The hurdle was set at 8%. Management fee and other terms and conditions have not been disclosed. Legal advice was provided by Kate Downey and Mark Mifsud of Kirkland & Ellis.

Investors

Vision Capital made an undisclosed, but increased contribution compared to previous funds. 90% of the LPs are returning investors, and more than 40% of the capital was invested by either new institutional or sovereign investors from Europe, the US, the Middle East and Asia. Approximately 40% of the amount raised came from investors based in Europe, while 12% came from the Middle East and Asia and the balance was provided by North American investors.

Among the fund's backers are: Goldman Sachs Asset Management, which remains the fund's largest LP; HarbourVest; CV Starr; and GIC Special Investments.

Investments

The fund will acquire direct portfolios of non-core assets from financial institutions, corporates and private equity firms in Europe. Vision Capital prefers control positions, but would also consider portfolios with partial minority interests. Transactions will typically be between EUR50-500m, but the fund is considering deals larger than this. Vision Capital has formed sidecars with existing or new investors in the past to execute larger transactions and would consider doing so again.

People

Julian Mash is CEO of Vision Capital and the main manager of the fund.