Inflexion, CVC funds trading above NAV, says secondaries marketplace

Online secondaries platform Palico recently released a list of 25 funds for which it has collected winning-bid data over the six months to February 2018. Out of these, 12 were sold at par to NAV or better, with an average premium of 6.8%. The average discount for those trading below par was 6.5%.

Inflexion Private Equity tops Palico's list, with stakes in its 2010 Buyout Fund changing hands for 124% of NAV, according to the marketplace. Inflexion held a first and final close for the vehicle in 2010, having reached its £375m hard-cap. Fundraising started in June 2010 and closed in late September, with the fund more than twice oversubscribed.

CVC's European Equity Partners V fund is also popular, with the 2008-vintage vehicle trading at 115% of NAV. CVC closed the fund on €11bn in December 2008, missing its €12.1bn target in the tough financial crisis environment. Investments have included Sky Bet, Ista, Cerved, Avast and Ahlsell, according to Unquote Data.

Other funds trading at par or better include Advent Global Private Equity VII and Permira V.

Meanwhile, according to Palico, Charterhouse Capital Partners IX (raised in 2009) traded at 89% of NAV over the past six months. Other funds trading at a discount include Apax's 2005-vintage Europe VI vehicle (90%), 2009's KKR European Fund III (98%) and Apax's 2007-vintage Europe VII (94%).

The full list can be viewed here

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• Topics
• Secondaries
• UK / Ireland
• Secondaries
• Inflexion Private Equity
• CVC Capital Partners
• Summit Partners
• Apollo Investment Corporation
• Advent International
• KKR
• Apax Partners
• Charterhouse Capital Partners
• Permira