Barclays PE spin out Equistone launches

The value of the gross assets disposed of is expected to be approximately £45m, according to Barclays. The bank will remain an LP in the funds, and the largest investor in Equistone's portfolio.

Equistone will take over the management of BPE Funds I, II and III previously managed by BPE. The ownership of the funds remains unchanged, according to Equistone. It is understood that the GP is currently raising a new vehicle, Equistone General Partner IV, targeting €1.5bn.

The firm will continue to operate from its six offices in France, Germany, Switzerland and the UK, with a team of 35 professionals. It will pursue its existing strategy of investing in businesses valued in the €50-300m range.

The sale is part of Barclays' wider strategy to dispose of non-core assets. AXA is currently going down the same route, having put its private equity unit up for sale in the summer - a management buyout is also a possibility for AXA Private Equity.

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