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Coller backs $1bn secondaries deal for Investcorp

Fundraising in dollars — Investcorp will transfer six deals that were completed on a deal-by-deal basis into a new vehicle

Oscar Geen
14 January 2019

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Bahrain-based PE firm Investcorp has closed a $1bn secondaries deal with backing from Coller Capital.

Investcorp will transfer six portfolio companies that were acquired on a deal-by-deal basis into a new vehicle named Investcorp European Buyout Fund 2019.

Coller Capital has backed the deal using Coller Investment Partners VII, a $7.15bn vehicle that was 53% deployed as of June 2018, according to Unquote Data.

The transaction value of $1bn includes $650m in secondary capital and just over $300m in primary money with extra capital also available for co-investment, Unquote understands. It is also understood that the fresh capital will be used for add-on investments for the portfolio as well as new standalone investments in European buyouts.

The portfolio comprises six assets: Italian motorbike equipment marker Dainise (acquired in 2015); Danish design brand Georg Jensen (2012); Swedish sports equipment marker POC (2015); Spanish agricultural business Agromillora (2016); Norwegian fleet software firm Abax (2017); and UK-based building safety business Kee Safety (2017).

Investcorp led the deal and did not hire a sellside advisor. The GP transfered all of the carried interest from the deals into the vehicle.

It is the second secondary transaction the GP has announced in January, after completing a restructuring of its $185m Investcorp Technology Partners III fund, supported by Harbourvest last week.

Strategic step
The latest secondaries deal marks another step in Investcorp’s strategic growth plan to reach $50bn AUM in the medium term by further institutionalising its investor base. The GP has traditionally raised money on a deal-by-deal basis from its LP network, which is comprised of a high proportion of high net worth individuals and family offices.

It previously acquired 3i’s credit portfolio in 2017 and Swiss private bank Banque Paris Bertrand in 2018 as part of this strategy. As of June 30 2018 Investcorp had an AUM of $22.6bn including assets managed by third part managers.