Lagoon, HarbourVest Target MENA Secondary PE Market

Nov 25 2013 | 9:10am ET

Dubai-based private equity advisor Lagoon Capital Partners has joined forces with HarbourVest Partners to invest in the MENA region's secondary p.e. market

Lagoon, backed by the Qatar Insurance Company, says the deal combines its regional relationships and investing expertise with HarbourVest’s 25+ year track record in evaluating, structuring and investing in secondary private equity portfolios.

Opportunities may include the acquisition of LP commitments in private equity funds, the purchase of portfolios of direct private equity investments, spin-outs from existing private equity platforms and facilitating the restructuring of underperforming private equity funds.

Said Anuj Khanna, CEO of Lagoon Capital, in a statement: “Regional investors have been important players in the private equity asset class globally; however, many investors need to reposition their portfolios or exit positions entirely due to financial, strategic or regulatory considerations. To date, due to the lack of development of a secondary private equity market in the region, exits have been challenging. Our focus is to provide discrete and comprehensive liquidity solutions to our counterparties for their regional and global assets and, at the same time, help the natural and necessary evolution of the secondary market, which will in turn strengthen the appeal of private equity in the region as an asset class relative to other sources of capital.”

David Atterbury, managing director of HarbourVest, said the firm's most recent secondary fund, the US$3.6 billion Dover Street VIII fund, will be “the primary source of funds for these initiatives.”

HarbourVest and its subsidiaries have more than 250 employees in Boston, London, Hong Kong, Tokyo, Bogotá and Beijing.

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