European private equity fund of funds shop Access Capital Partners has sold half of its equity to N+1 Group, the €3 billion (US$4.7 billion) Madrid-based alternative assets, financial and wealth advisory firm.

Previously, CapMan, a €3.1 billion alternative shop, held a 47.5% stake in Access. Two years ago, CapMan sold 12.5% of the company’s share capital to the Access managing partners, giving them 65% of the company.

The new deal allows for a complete exit of CapMan, which is selling its remaining 35% stake to N+1 and the Access managing partners. Under the terms of the deal, N+1 Group is buying 50% of Access through an acquisition vehicle in which the Access managing partners have re-invested.

Dominique Peninon, Agnès Nahum and Philippe Poggioli now collectively maintain a 56.5% direct and indirect holding in the company, and will continue to manage the firm autonomously.

Access manages €2.5 billion (US$3.9 billion) in assets and specializes in small-to-mid market buyout and special situations funds.