Alp Invest Partners - Secondary Investments

Secondary Investments

AlpInvest's secondary investments group focuses on the purchase of existing portfolios of private equity assets.

In the secondary market, AlpInvest operates as an independent investment group with a large dedicated team, comparable to other leading secondary firms and is one of the largest buyers of private equity assets in the secondaries market. AlpInvest's secondary investments include purchases of limited partnership interests, spin-outs of captive private equity groups, stapled secondary transactions, securitizations, joint ventures and secondary direct transactions.

Although most secondary transactions are kept confidential, the following transactions have been disclosed:

Date Deal Description Ref.
2008 AlpInvest, together with Goldman Sachs Capital Partners and CPP, purchased a portfolio of interests in 32 European companies managed by AAC Capital Partners from ABN AMRO for $1.5 billion.
2008 AlpInvest, together with Goldman Sachs, purchased $400 million of interests in legacy investment funds managed by Court Square Capital Partners from Citigroup.
2008 AlpInvest, together with HarbourVest Partners, Pantheon Ventures, Partners Group, Paul Capital Partners, Portfolio Advisors and Procific completed a takeover of Macquarie Capital Alliance Group in one of the first public to private transactions of a publicly traded private equity company completed by secondary market investors.
2006 AlpInvest underwrote the equity of a $500 million newly formed vintage fund-of-funds consisting of approximately 40 underlying private equity partnerships in a joint venture with Swiss Re and Horizon 21, a fund manager.
2006 AlpInvest, together with Coller Capital and Goldman Sachs underwrote the equity tranche of Astrea, an $800 million securitization, of 46 private equity fund interests owned by Temasek, a Singapore based sovereign wealth fund.
2006 AlpInvest, together with HarbourVest Partners, completed a secondary transaction involving the establishment of a new fund, Paragon Partners. As a result of the transaction, Paragon Partners acquired an existing portfolio of three European companies providing an exit to German private equity fund manager Afinum.
2005 AlpInvest, together with AXA Private Equity, purchased a cornerstone interest in West Private Equity, subsequently renamed Lyceum Capital, and simultaneously made a new commitment to Lyceum Capital's second fund.
2005 AlpInvest, together with Lexington Partners purchased a $1.2 billion private equity portfolio from Dayton Power & Light, consisting of 46 fund interests. At the time of its completion, the DPL transaction represented one of the largest private equity funds portfolios acquired in the secondary market.
2003 AlpInvest was a lead investor in the €1.5 billion divestiture by Deutsche Bank of its direct and co-investment portfolio of private equity interests, consisting of over 100 underlying companies. The sale was part of a spin-out of what would become the private equity firm, MidOcean Partners. At the time of its completion, the MidOcean transaction was the largest secondary market completed.

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