ForeVest completes GP-led secondary for 2007 fund

Nicole Tovstiga
18 September 2018

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ForeVest Capital Partners has completed a GP-led secondary transaction for its 2007 vintage PineBridge New Europe Partners II.

Intermediate Capital Group (ICG) was selected as the lead buyer in a competitive process run by secondaries adviser Park Hill Group on behalf of ForeVest. LPs were given an option to roll over into the new vehicle or sell their stakes.

ICG's strategic equity team led the transaction from the buyer's side.

Four assets will be transferred into the new fund and there will be fresh primary capital available to develop them from new and existing LPs.

The assets being transferred comprise Polish foreign exchange brokerage TMS Brokers, elderly homecare services business Promedica Care, car battery recycler Orzel Bialy, and Polish courier Integer Group.

The fund held a final close on €522.5m in March 2007 and was originally called AIG New Europe Fund II. It was rebranded to PineBridge in 2010 before ForeVest span out of Pinebridge in 2016 and continued to manage the fund.

ForeVest will continue to manage the portfolio of the new fund following the secondary deal. The firm focuses on growth equity investment in the CEE region and other emerging markets.

People
ForeVest – Pierre Mellinger (managing partner).
Intermediate Capital Group Strategic Equity – Ricardo Lombardi (managing director).