GMT liquidates 2006 fund in direct secondary deal
GMT Communications Partners has sold its 2006-vintage fund in a direct secondaries deal to a consortium of investors.
Existing investors in the €250m vehicle were given the option of realising their interests in the fund or recommit to a new vehicle as part of the transaction.
In December 2011, the vehicle was 86% deployed, according to unquote" data. Its investments included IT systems and consultancy business IT-Ernity, which it acquired in May 2013; conference and collaboration service provider MeetingZone, which it bought in August 2011; and billboard advertising business Primesight, which it acquired in September 2007.
Legal firm Weil Gotshal & Manges advised the GP on the liquidity process for GMT Communications Partners III.
GMT declined to comment on the transaction.
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