PIP in $40m secondaries deal
Pantheon International Participations PLC (PIP), Pantheon’s quoted private equity fund-of-funds investment trust, has committed $40m to buy a portfolio of 25 buyout global funds with more than 400 portfolio companies.
The transaction price corresponds to a discount on September 2010 valuations and should be 77% funded when the deal completes. The portfolio consists of 40% US funds, 40% European and 20% from Asia.
PIP has also extended its multi-currency revolving credit facility to June 2015 and reduced it from £150m to £100m.
Since its last NAV announcement for Q1 2011, PIP's cash balances have increased by £16m to £42m in the two months to 31 May 2011. The portfolio has a weighted average fund age of approximately 6.5 years and is therefore in a cash-generative phase.
More on DACH
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater
EU FSR could impact PE fundraising with potential rise in ‘clean funds’
FSR could lead GPs to create funds without foreign LPs; red tape around sovereign wealth funds likely
BHM Group builds on PE strategy, eyes European medtech and renewable energy acquisitions
Czech Republic-headquartered family office is targeting DACH and CEE region deals
Redalpine expands leadership team amid CHF 1bn-plus fundraise
Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater