AIG Private Equity to sell six LP interests

AIG Private Equity has agreed to sell six LP interests in total. The first transaction encompasses the sale of four private equity fund limited partnership interests to a single buyer. To be sold are the company's interests in Advent V, CVC III, CVC IV, and CVC Tandem. Aggregate sales proceeds are expected to be approximately EUR26m, proceeds from which will be used to repay debt and to fund capital calls from remaining portfolio funds. Total expected proceeds from the sale are approximately EUR10m lower than the company's last reported valuation for these interests as of 30 September, or approximately CHF 3.82 per share.

The second transaction sees the sale of AIG's interest in Avista Capital Partners and Sun Capital Partners V. Aggregate sales proceeds for the two positions are expected to be in excess of $21m. As a result, the company's outstanding commitments to private equity funds will decrease by approximately $17m. Total expected proceeds from the sale are approximately $6.6m lower than the company's last reported valuation for these interests as of 30 September, or approximately CHF 1.97 per share.

The company still has approximately $700m in outstanding commitments to private equity funds, primarily from the 2007 and 2008 vintage years.

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