On July 2, 2012, HarbourVest Partners announced that HarbourVest-managed funds and HarbourVest Global Private Equity Limited had agreed to acquire all of Conversus Capital L.P.’s private equity interests for $1.4 billion.
On July 2, 2012, global private equity firm HarbourVest Partners, LLC announced that HarbourVest-managed funds and HarbourVest Global Private Equity Limited had entered into a definite agreement to acquire the entities that hold Conversus Capital, L.P.’s portfolio of private equity fund interests and direct co-investments for $1.4 billion through an acquisition vehicle. As part of the transaction, up to 49.9% of eligible Conversus unit holders have a “Roll-Over Option” pursuant to which they may remain invested in Conversus’s investment portfolio by receiving interests in the acquisition vehicle, HarbourVest Structured Solutions II L.P., a newly-formed Guernsey Partnership managed by HarbourVest. HarbourVest Global Private Equity is expected to commit approximately 9% to the deal, dependent on unit holder elections, which it will fund through the use of its existing $500 million credit facility. HarbourVest Global Private Equity is a Guernsey-based closed-end investment company listed on both the London Stock Exchange and Euronext Amsterdam. Conversus Capital, L.P. (NYSE Euronext in Amsterdam: CCAP) is also a dual-listed private equity fund. Multiple closings are anticipated; the initial closing is expected to take place during the last four months of 2012, and subsequent closings are expected to extend into 2013.
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