Swedish Länsförsäkringar to sell €1.5bn PE portfolio
Swedish insurance group Länsförsäkringar is said to be in the process of selling its private equity portfolio, worth €1.5bn.
The group is reportedly looking to raise liquidity, rather than reacting to incoming Solvency II regulations. Likely buyers of the assets are sovereign wealth fund Abu Dhabi Investment Council, which is looking to acquire 90% of the portfolio, and Australian sovereign wealth fund Queensland Investment Corporation, which will acquire the rest.
The assets are trading at a minor discount, according to reports. The portfolio is divided between European and US managers including Advent International, Altor Equity Partners, Apax Partners, Bain Capital and IK Investment Partners, as well as co-investors, the report has claimed.
The news comes shortly after Lloyds disposed of its PE assets to Coller Capital and Italian insurer Generali reportedly sold a portfolio of fund interests to US firm Lexington Partners.
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