Portobello closes maiden secondaries vehicle

Secondary Fund I will have a lifespan of five years, equating to the typical divestment period of a traditional 10-year vehicle.

Buyout vehicle Portobello Capital Fund II held a final close in July 2006 on €331m. To date, the fund's divestments include absorbent sanitary product maker Laboratorios Indas, which it exited to Domtar Corporation; and car parts manufacturer Cie Automotive Group, which it exited to BlackRock via the public market.

Although the amount raised for the new secondaries fund was not disclosed, it amounts to the total equity valuation of Fund II's assets.

The GP did not use a placement agent for the fundraising process.

Investors
Commitments to Portobello Capital Secondary Fund I primarily came from HarbourVest Partners, with the remainder drawn from new and existing international LPs. Investors in Portobello's second buyout fund were offered the option to obtain liquidity via the process, or to reinvest in the new vehicle.

Investments
The new vehicle will take over Fund II's stakes in ice cream manufacturer The Ice Cream Factory, catering business Mediterránea, independent Volvo dealership Veinsur, womenswear retailer Festa Moda, fish products manufacturer Angulas Aguinaga, marketing company GrupoUno CTC and claims management firm Multiasistencia.

People
Iñigo Sánchez-Asiaín, Juan Luis Ramírez, Ramón Cerdeiras, Luis Peñarrocha and Fernando Chinchurreta are co-founders of Portobello.

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• Topics
• Secondaries
• Southern Europe
• Spain