Headway closes secondaries fund on EUR150m

Fund

Headway Capital Partners, the dedicated secondary market player, has closed its second private equity secondaries fund, Headway Investment Partners II (HIP II), on its hard cap of EUR150m. The fund had an original target of EUR100-120m. Headway closed its first secondaries fund, Headway Investment Partners LP, on EUR52m in June 2005. This latest fund is based in Guernsey and terms and conditions are described as industry standard. Richard Watkins at Kirkland & Ellis provided fund structuring advice.

Investors

Commitments have come predominantly from high-net-worth individuals and family offices, both re-ups and new investors.

Investments

The fund will focus on purchases of limited partnership positions in private equity funds, portfolios of direct private equity investments and will also take minority positions in individual companies. The fund has a global remit but will focus mainly on the European and North American markets. The fund does not have a fixed allocation geographically or by stage, preferring to remain flexible and make opportunistic investments. The fund will look to invest a minimum of a few hundred thousand Euros with a maximum of EUR15m possible. Three investments have been made from this fund to date, the most recent being the purchase of 10 portfolio companies from Israeli venture firm Vertex Venture Capital alongside Munich-based smac Partners, in December last year.

Name: Headway Investment Partners II

Closed on: EUR150m

Focus: Global secondaries

Contact

Sebastian Junoy

Laura Shen Lefranc

Christiaan de Lint

Address

Headway Capital Partners LLP

25 Maddox Street

London W1S 2QN

UK

Tel: +44 20 7518 8888

Fax: +44 20 7900 3160

Advisers

Kirkland & Ellis (Legal).

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