Goldman and GIC lead restructuring of Vector funds

The two vehicles, managed by Vector Capital, closed in 1999 and 2005, respectively, and specialise in technology turnaround investments.

Goldman Sachs and GIC are now the largest LPs in the funds. A statement issued by the GP said LPs in Fund II and III will receive a premium on the assets' original cost basis.

The rationale for the restructuring was to give liquidity to LPs while allowing portfolio companies Corel and WatchGuard, which now comprise the vast majority of the remaining assets in the funds, to realise their value over a longer period.

Evercore was financial adviser to Vector on the transaction and Kirkland & Ellis provided legal counsel to the GP.

Vector is a US-based private equity firm with a global investment mandate. In November, it injected $77m of growth capital into UK-based software developer Cloudsense. 

The GP closed its fifth fund on $1.4bn in February 2017, exceeding its $1.2bn target. 

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