History
MidOcean Partners was formed through a management spinout transaction. A group of investors provided capital to the managers of DB Capital Partners, led by MidOcean CEO Ted Virtue, to acquire the portfolio of private equity investments they had managed at Deutsche Bank. Among the investors in the transaction were NIB Capital Private Equity (today AlpInvest Partners), HarbourVest Partners, Paul Capital Partners, Coller Capital, Ontario Teachers' Pension Plan and CPP Investment Board, with investments from Northwestern Mutual, The Yucaipa Companies and Presidential Life. The management spinout of MidOcean, at the time valued at €1.5 billion (over $1.8 billion) was then and is still one of the largest transactions completed in the private equity secondary market.
The spinout of MidOcean came at the same time as the spinouts of private equity groups from other leading investment banks including: JPMorgan Chase (CCMP Capital), Citigroup (Court Square Capital Partners), Morgan Stanley (Metalmark Capital) and Credit Suisse First Boston (Avista Capital Partners, Diamond Castle Holdings).
Since its inception, MidOcean has managed three private equity funds:
- MidOcean Partners – Approximately $2 billion vehicle used to house the investments acquired from Deutsche Bank through the secondary purchase.
- MidOcean Partners Fund II – $520 million of investor commitments, primarily from investors in the original 2003 secondary transaction.
- MidOcean Partners Fund III - $1.25 billion raised as a fully independent private equity fund in 2007
Read more about this topic: Mid Ocean Partners
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