Tuesday, 25 October 2016
Last updated 1 hour ago
Nov 3 2010 | 10:17am ET
Citigroup is looking to offload more than a half-billion in private equity co-investments made with CVC Capital Partners.
The $570 million in CVC investments are among $2 billion in private equity holdings Citi is seeking to unwind. They include the $250 million Citi has invested with CVC's Asia funds, €210 million of co-investments in European companies made with CVC, and €15 million in CVC's European fund, Bloomberg News reports.
CVC was founded in 1981 by Citi as its European private equity business, and spun-off from the bank in 1993 through a management buyout. But ties between the two firms have remained close.
Citi is in the process of liquidating some $421 billion in non-core assets after receiving $45 billion in government bailout funds. Last week, it sold some $4 billion in buyout funds to Lexington Partners and handed the management of those funds over to StepStone Group.