Friday, 27 May 2016
Last updated 5 hours ago
Jul 6 2012 | 11:37am ET
HarbourVest Partners is adding Conversus Capital's portfolio of third-party private equity funds in a deal worth $1.4 billion.
HarbourVest and its HarbourVest Global Private Equity Limited have agreed to buy the entities that hold Conversus' assets. After the acquisition closes, Conversus, based in the Channel Islands, will name a liquidator to close itself down.
HVPE will use a $500 million credit facility to pay for its part of Conversus' portfolio, about $126 million. Up to 49.9% of Conversus shareholders will have the option to continue their investment in the Conversus portfolio; clients who choose to do so will get shares of HarbourVest Structured Solutions.