Uniqa to sell $665m private equity portfolio
Austrian insurance company Uniqa Versicherungen is planning to offload $665m of private equity positions ahead of Solvency II.
According to Bloomberg, Uniqa has brought in secondaries intermediary Campbell Lutyens to manage the deal.
The new wave of post-crash regulations such as Solvency II for insurance firms and Basel III for banks is boosting dealflow for the secondaries market, with transaction volumes peaking at $25bn in 2012.
Solvency II groups private equity funds with hedge funds and other alternative assets, which are subject to capital requirements ranging between 40-59%. This makes investments in the asset class some of the most expensive for insurance companies.
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