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Partners Group closes two new mandates

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Partners Group has closed two of the most significant mandates granted to private markets managers in 2008. Firstly, it was granted a private equity mandate by a European pension fund with an initial amount of CHF 200m, which is expected to significantly increase over the coming years. Partners Group assisted the client in finding a solution with a tailor-made Luxembourg investment vehicle.

Secondly, an additional private markets mandate with an initial sum of CHF 300m was granted to Partners Group by a further European pension fund. This investment vehicle has been structured as a Scottish limited partnership.

Headway Capital Partners invests in gcp

UK-based secondaries specialist Headway Capital Partners has invested in gamma capital partners' mature technology portfolio of first generation gcp funds.

Headway Capital Partners has invested in an extension facility to gcp's mature technology VC funds iLab24 and gamma II (GII). The additional capital to the facility came from existing and new investors, as well as gcp.

Since inception in 2002/03, gcp's first-generation funds iLab24 and GII, with a combined volume of EUR37.7m, have returned one third of capital to investors and the bottom end of the portfolio is already realised. The remaining portfolio is largely profitable and growing fast, leaving much unrealised upside.

gcp raised the capital to fund an extension facility structured as a parallel vehicle for the two funds to take advantage of late stage value-creation opportunities, and accelerate growth in the portfolio, giving potential investors access to a mature portfolio with near-term liquidity. Over 40% of secondary players approached proceeded to make an offer, and the transaction was closed in less than three months.

Burkhard Feurstein and Nikolaus Spieckermann-Hutter acted for gamma capital partners, while Laura Shen Lefranc structured the transaction on behalf of Headway Capital Partners. Kirkland & Ellis advised Headway, while Haslinger Nagler & Partner advised gcp. Leitner & Leitner worked on financial and tax due diligence.

EQT infrastructure fund closes at EUR1.2bn

EQT has closed its first infrastructure fund at EUR1.2bn, exceeding its target of SEK 1bn. The fund will invest in infrastructure assets in Northern and Eastern Europe, with the potential to invest globally. EQT estimates that the Nordic region alone will need EUR25bn in annual investments in infrastructure until 2030. The fund will target; regulated/market-based basic infrastructure, such as gas pipelines, power generation assets, power transmission & distribution facilities and telecommunication towers; and concession-based essential infrastructure such as airports, toll roads, trail transportation, ports, waste, sewage and water treatment facilities. Additionally, it will look at social infrastructure and infrastructure-related services. Target investments will be deals with EUR100m-1bn in transaction size, with potential investment capacity of EUR5bn.

61% of the investor base is from the Nordic region, including Investor AB, the sponsor of EQT Infrastructure, which contributed 10% of the total commitments. Among the other investors in the fund are AP4, Skandia, Pantheon Venture and Varma Mutual Pension Insurance Company. MVision acted as placement agent, and legal advice was provided by Clifford Chance.

The fund will be managed by a team of 16 investment professionals led by Lennar Blecher. The team will work from EQT's offices in Stockholm, Helsinki, Munich, Zurich and New York. At the time of going to press the fund has not completed any investments.

GCI sells DEWI Components

GCI Management has sold 67.6% in DEWI Components GmbH to industrial holding STEMAS AG. This includes the participations in Dekorsy GmbH Deutschland, Dekorsy Kft Ungarn, Dekopaint Kft Ungarn and Wilisch Hungaroplast Kft Ungarn. After the transaction, GCI Management remains invested via its fund BridgeCapital AG, which continues to hold 19.9% of the company.