Conversus Sells Private Equity Interests to HarbourVest

July 13, 2012

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.

To read the press release, please click here.


Categories

Mutual Fund Strategic Investments, Transactions