Type: Continuation Fund
Year: 2018
Mandate: $3.0 billion
Region: Europe
Asset class: Private equity

This innovative end of fund life transaction saw nine unlisted portfolio companies transferred to a new Nordic Capital-managed 5-year vehicle with fresh capital, providing the opportunity to maximise their value creation potential to the benefit of all stakeholders. At $3.0 billion, the transaction is the largest GP-led transaction to date globally, by some margin.

Campbell Lutyens ran a competitive auction process and was able to secure a highly attractive 11% premium, with a full underwrite from Coller Capital and Goldman Sachs, representing $3 billion. The transaction sought to meet the differing needs of investors, with the option to take liquidity at an attractive valuation or to continue their participation in the portfolio over the next five years.

The highly structured process had strong interest, with more than 80% of Fund VII investors by commitment supporting the transaction. The positive sentiment was based on attractive optionality and the robust commercial rationale underpinning the deal.