AlpInvest, Lexington clinch $1.2 DPL secondary

AlpInvest Partners and Lexington Partners have agreed to acquire the entire private equity portfolio of Ohio-based utility DPL.

DPL, the Ohio-based utility and parent company of Dayton Power & Light Company and DPL Energy, has agreed to sell its private equity fund investments to leading secondary buyers AlpinVest Partners and Lexington Partners in a deal valued at approximately $1.2 billion and including both funded and unfunded commitments to a bundle of private equity partnerships.

The transaction involves the transfer of interests in 46 funds managed by 27 private equity firms.   

DPL was advised by Morgan Stanley, which held an auction.

Commenting on the deal, Marshall Parke, a London-based general partner at Lexington, described the quality of the underlying assets as “very high”, adding that it was one of the best portfolios Lexington had seen in years.

The portfolio includes funds advised by leading private equity and venture capital groups in North America and Europe including KKR, Warburg Pincus, Newbridge Capital, CVC Capital Partners, Bridgepoint, American Industrial Partners, Fremont Partners, Freeman Spogli, The Shansby Group and Vestar Capital Partners