DH Private Equity completes restructuring of Fund IV
DH Private Equity has completed the second restructuring of its 2005 vintage buyout fund Doughty Hanson & Co Fund IV into a continuation vehicle, Unquote understands.
Goldman Sachs is the largest LP in the new vehicle, which has two companies remaining from the original portfolio: French concrete producer KP1 and Italian air freshener manufacturer Zobele Group.
DH originally announced Fund IV in November 2004 with a €3bn target and eventually held a final close on €1.6bn in March 2005. It was partially restructured in 2015 when HarbourVest Partners acquired interests from several LPs including Credit Suisse.
Goldman Sachs recently took part in the €2.5bn restructuring of Nordic Capital VII alongside Coller Capital, drawing capital from its vintage funds.
Many GPs are exploring these processes after landmark GP-led deals by BC Partners last year and Nordic Capital a few weeks ago; however, many are not garnering the required LP support that the DH process enjoyed, according to a source close to the deal.
Park Hill ran the restructuring process on DH's behalf.
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