HarbourVest To Buy Conversus Private Equity Portfolio

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.

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