AlpInvest leads Equistone's Sicame continuation fund deal

AlpInvest held a final close for its seventh secondaries fund at USD 9bn in December 2020.

The sponsor has been considering a GP-led secondary deal for the company since at least March, as reported by Unquote.

It is Equistone's first continuation fund deal across its entire portfolio and comes at a time when GP-led transactions are expecting a record 2022, according to a survey from Investec.

Equistone Fund V, which acquired Sicame in 2016, has fully realised its investment in Sicame. AlpInvest Partners, Equistone, certain Fund V LPs and the company's founding families are also making commitments to the new vehicle.

The biggest LPs in Equistone V include GIC, Abu Dhabi Investment Authority, Ardian, and Allianz Capital Partners, according to Unquote Data.

The sponsor said in a statement that it engaged Lazard to run a transparent and competitive auction process that independently validated pricing, with the deal being approved by Fund V's advisory committee.

Fund V, which closed at EUR 2bn in April 2015, still has a number of unrealised assets, including astroturf specialist Sportgroup, mechanical component manufacturer Rhodius, and fashion retailer TriStyle, according to Unquote Data.

The GP chose the secondary route in order to yield further returns, it said in a statement.

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