German Unicredit unit divests part of PE portfolio

Luxembourg-based SwanCap bought the portfolio via SwanCap Opportunities Fund SCS-SIF. The portfolio companies, which cover a range of sectors, have all been acquired over the last 12 years. The general partner is advised by advisory firm SwanCap Partners, based in Germany. Unicredit will hold a passive share in the advisory firm.

As a result of the transaction, Unicredit will minimise its risk-weighted assets in the light of upcoming regulatory changes. Investment firm Alpinvest, a subsidiary of the Carlyle Group, advised both parties on the structure of the transaction.

The Unicredit team formerly engaged in the management of the portfolio will transfer to SwanCap. Staff responsible for the remaining portfolio companies at Unicredit will remain in their positions at the bank's private equity unit.

The transaction comes after the German banking unit was rumoured to be seeking a sale of part of its private equity assets in January this year.

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