Charterhouse transfers Sagemcom to AlpInvest-backed continuation fund - filings

An Austrian filing dated April 6th says that AlpInvest has acquired a non-controlling interest of more than 25% in CCP Climb LP, which indirectly holds shares in Sagemcom Group SAS.

The asset is one of Charterhouse’s strongest and the deal delivered a return of over 5x MOIC, according to a source familiar with the situation.

Sagemcom has a likely-to-issue (LTI) score of 56.02, according to Dealogic’s predictive algorithm.

Charterhouse first acquired a 70% stake in the group in 2016 in a secondary buyout from Carlyle for around EUR 400m, as reported. The GP deployed equity via Charterhouse Capital Partners X, a EUR 2.3bn, 2016-vintage vehicle. 

AlpInvest is a secondaries investor owned by Carlyle. It registered its latest vehicle, AlpInvest Co-investment Fund IX, in October last year having raised USD 3.5bn for the predecessor vintage. 

Last year, AlpInvest led a GP-led secondary transaction for Equistone’s French electricity distribution products and services provider Sicame.

With traditional exit routes proving challenging, continuation vehicles have been on the rise in the private equity industry as a means to extend the holding period of an asset or group of assets and return some liquidity to LPs.

AlpInvest and Charterhouse declined to comment, Sagemcom did not respond to requests for comment.

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