Coller Capital acquires portfolios of fund investments, direct secondary investments, and other portfolios of private equity-like assets
Our purchases range from single LP fund interests to large, complex portfolios of disparate assets
In December 2022, CCO I agreed to acquire a $40m position in a 2017 vintage fund with a focus on US and European mezzanine investments from Cathay Life, a large Asian life insurance company.
In July 2022, Coller Capital co-lead the largest GP-led transaction in Asia with Hahn & Company for SsangYong C&E, closing at approximately $1.5bn, with Coller Capital and its co-investors the largest single investor.
In July 2021 Coller Capital’s investment and co-investment vehicles led the world’s largest private credit secondaries transaction for a $680 million credit portfolio managed by Ping An Overseas Holdings.
In May 2021 CIP VIII co-led a GP-led process where a portfolio of healthcare assets were moved from Legend Capital’s Fund V and VI into a continuation fund with $270 million in aggregate commitments.
In December 2020 CIP VIII co-led a GP-led process whereby Hightower Advisors, a Chicago-headquartered wealth advisory business, was moved from 2016-vintage Thomas H Lee VII to a single-asset continuation vehicle. The transaction allowed the GP to provide a liquidity option to its LPs whilst being able to hold onto a well-performing asset for longer.
In May 2020 CIP VIII led a GP-led secondary transaction for Permira IV, the fund’s four assets, together with a co-investment for the largest asset, were transfered into a new investment vehicle with $829 million of aggregate commitments.
In December 2019, CIP VIII backed, with a $222m commitment, a single-asset GP-led transaction whereby Action, a fast-growing European non-food discount retailer, was moved from 3i Eurofund V to a continuation vehicle. The transaction facilitated a liquidity offering to existing LPs, while allowing the GP to continue their successful rollout of Action stores throughout Europe. This transaction was awarded European deal of the year 2020 by Private Equity International.
In November 2019 CIP VII led a transaction, with a $120m commitment, whereby Upstream Rehabilitation (the third-largest operator of outpatient physical therapy clinics in the US), was moved from a 2015-vintage buyout fund to a new single-asset vehicle. The process allowed Revelstoke Capital Partners to hold its top-performing asset longer to maximise value and to offer a liquidity option to existing LPs.
In June 2019 CIP VIII agreed to acquire a c.$500m portfolio of 142 LP positions across eight private and listed fund-of-funds vehicles managed by Aberdeen Standard Investments (‘ASI’). The deal represented the 7th successfully completed transaction with the ASI team.
In April 2019 CIP VII made an investment in an Australia-based education business via a continuation vehicle managed by Baring Private Equity Asia. The asset was transferred from Baring’s 2007-vintage Fund VI.
In January 2019 Coller Capital’s seventh fund underwrote a new fund arrangement with Investcorp, in relation to six assets from its European private equity portfolio. The fund will be capitalised with approximately US$1bn million of aggregate commitments, with Investcorp retaining a continued interest in the portfolio through a meaningful GP commitment to the fund.
In April 2018 CIP VII signed an agreement with CDC Group, the UK government’s development finance institution, to commit up to $300m to pursue secondary opportunities in India-focused private equity funds. The transaction combines CDC’s deep knowledge of the Indian market with Coller Capital’s expertise in complex investments and innovative transaction structures. In May 2018 the partnership closed on its first transaction, the $98m GP-led secondary investment in a 2008-vintage India-focused fund. The process provided liquidity for the fund’s existing investors.
In March 2018 CIP VII acquired 45 LP positions, totalling $350m, from Aberdeen Private Equity Fund Limited.
In July 2017 CIP VII invested £125m into the public to private acquisition of Shawbrook Bank by Pollen Street Capital and BC Partners.
In August 2016 Coller Capital’s fund acquired a $257m portfolio of senior secured loans managed by Northport Capital. The team was spun out into CVC’s direct lending platform.
In July 2016 Coller's sixth and seventh funds committed $288m to a GP-led transaction:a liquidity offer made to J C Flowers investors.
In July 2015 CIP VI was the lead investor in a transaction, committing $645m, which allowed Irving Place Capital to reposition its 2006-vintage fund and establish a new investment vehicle.
In September 2014, Coller Capital acquired a €175m funds & directs portfolio from a leading Italian bank, Monte dei Paschi di Siena.
In May 2014, Coller's fund was a leading member of an investor group which established American Capital’s third private equity fund, which consists of seven companies from previous funds and capital for new investments.
In December 2013, CIP VI was part of a syndicate which purchased the interests of Absa Capital Private Equity Funds I from Barclays Africa Group.
In August 2012, CIP VI agreed to fund the acquisition of a $1.9bn private equity portfolio from Lloyds Banking Group.
In December 2011, CIP VI acquired 100% of Crédit Agricole Private Equity (CAPE) and the large majority of the funds CAPE manages.
In July 2010, CIP VI, formed a joint venture with Lloyds Banking Group to acquire a £480m portfolio from the bank.
In September 2009, CIP V, led the purchase of most of 3i’s remaining venture portfolio of technology and life sciences companies alongside HarbourVest Partners and DFJ Esprit. The portfolio will be managed by Encore Ventures, a newly-created division of DFJ Esprit. Encore I L.P., Encore Ventures’ first fund, will have total commitments of up to £166m, of which up to £84m will be from Coller Capital’s current fund, Coller International Partners V. Coller Capital won Venture Capital Deal of the Year, 2009 for this transaction.
In February 2009, CIP V participated in an innovative rights issue and share placement by SVG Capital plc – the major investor in Permira buyout funds. Through this rights issue, Coller International Partners V acquired a 20% stake in the business.
In November 2008 the first commitment was made to a series of CLO porfolios (now totally $698m) across Coller's V, VI and VII funds.
In March 2007, Coller Capital's fund established a $1bn joint venture with Shell to develop a portfolio of 34 investments. A new independent energy technology fund, Shell Technology Ventures Fund 1 BV, is accelerating the deployment of a range of promising technologies across Shell’s marketplace. Kenda Capital, which includes a management team spun out from Shell, is the manager of the new fund. The joint venture structure enables Shell to maintain its existing strategic links with the portfolio companies, whilst benefiting from Coller Capital’s expertise and resources as a financial investor.
In December 2006, Coller Capital's fund formed a €193m joint venture with ABN AMRO Capital. Forbion Capital Partners span out of the bank to manage the portfolio of 26 life science companies. The new fund, Forbion Capital Fund 1, incorporates €90m of ABN AMRO Capital’s existing life sciences portfolio, and has substantial capacity for new and follow-on investment from Coller Capital's fund and ABN AMRO.
In January 2006, CIP IV invested in ICICI Venture's India Advantage Fund I - India's first secondaries transaction. Coller Capital worked closely with the GP to ensure the complex documentation and closing process was completed to a tight timescale. Coller's proposals were tailored to meet the needs of individual sellers.
In September 2004, Coller Capital's fund acquired a $90 million portfolio of companies from Dresdner Kleinwort Benson. The 22 companies are mainly US-based and operate in a range of business sectors. Jan Kvarnström, of the Dresdner Bank’s Board of Managing Directors, explained that the “highly complex transaction” was completed at a “full and fair price” as part of a programme to “reduce the Bank's exposure to non-strategic assets". The team managing the assets at Dresdner was spun out, becoming an independent GP named Annex Capital.
In January 2004, CIP IV closed another landmark secondaries investment – the acquisition of a $900 million portfolio from Abbey bank (now part of Banco Santander). The deal involved 41 fund positions, 32 different managers, 16 direct investments, and around 850 underlying companies. Coller Capital’s fund's ability to provide a complete liquidity solution was very attractive to Abbey, and the firm’s track record gave the bank a high confidence of closure – even in the face of a very tight deadline. The transaction (which Abbey announced in early 2004 as “a fair deal, at a price in line with our expectations”) was, at the time, the largest secondaries investment by a single firm.
In December 2001, CIP IV acquired the majority (and subsequently all) of Lucent’s corporate venture portfolio. The assets consisted of 27 companies based on technologies developed at the well-known Bell Labs in the late 1980s and the early 1990s. Coller Capital’s ability to resolve complex issues in a short time-frame was important to Lucent: “We decided to partner with Coller Capital because they responded quickly, and they clearly understood how to align the interests of Lucent, Coller Capital and our New Ventures Group management team.” Key members of this management team were spun out as an independent GP: New Venture Partners. The Lucent/Bell Labs transaction is often credited with kick-starting the thriving market in Secondary Directs (also known as ‘synthetic secondaries’).
In June 2000, CIP III led the acquisition of NatWest’s large private equity portfolio. The assets (which were sold by NatWest's new parent company RBS "to maximise value for Royal Bank of Scotland shareholders") consisted of two buyout funds and numerous direct investments, amounting in total to 292 private companies. The NatWest deal was notable for its unprecedented size and complexity – with a value in excess of $1 billion, it was the largest secondaries transaction of its time.
In June 1998, Coller Capital's fund purchased the private equity funds portfolio of Shell’s US pension fund. Coller Capital's fund acquired the entire portfolio, consisting of seven venture funds, five buyout funds and two mezzanine funds, including their contingent liabilities. CIP II closed the $265 million transaction within two and half weeks.The transaction was a milestone for the private equity secondaries market – the largest secondaries deal of its time.
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