Lloyds sells £1bn private equity portfolio to Coller

The sale also includes the transfer of undrawn commitments expected to be worth £220m upon completion. The portfolio was sold to PE1 LP, a fund financed by Coller International Partners VI.

The overall sale price amounts to £1.03bn and will be registered as a pre-tax gain for Lloyds. Lloyds will also continue to manage the portfolio and earn the respective management fee, estimated to total less than £10m per year.

In 2011, the portfolio registered losses worth £40m. Its sale is part of Lloyds' de-risking strategy.

The deal is expected to be completed in Q4 of 2012. SJ Berwin provided legal advice to Lloyds. The team was led by partner Jonathan Pittal with support from funds partner Warren Allen, corporate partner Andrew Wingfield, financial markets partner Tamasin Little and tax partner Stephen Pevsner.

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• Coller Capital
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