SPFS acquires APEN portfolio for $192m

The transaction saw two APEN subsidiaries, APEN Faith Media Holdings and APEN Holdings, transfer to a SPFS acquisition vehicle. The price represents a discount of 3.4% on the value of the portfolio at 30 June 2014.

APEN also transferred its $95m loan obligations to Blackstone's secondaries division, resulting in a full deleveraging of the investment company. The sale of its non-core portfolio will enable APEN to concentrate on its emerging markets-focused investment strategy.

The company also announced a change of name to Spice Private Equity and a switch to USD rather than CHF for its quoting currency. The company was initially called AIG Private Equity until July 2009 when it announced a rebrand to APEN.

Company
Zug-headquartered APEN is listed on the SIX Swiss Stock Exchange. It carries out investments directly and via its private equity vehicles.

People
Eduardo Leemann is chairman of APEN. David Salim is CEO of APEN's investment adviser GP Advisors.

Advisors
Company – Campbell Lutyens (Corporate finance).

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• DACH
• Secondaries
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• Secondaries