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Charterhouse mulls secondaries process on Fund IX

One of the UK's oldest buyout firms is in early stage talks with investors about a process on its €4bn Charterhouse Capital Partners IX.

Charterhouse Capital Partners, one of the UK’s oldest private equity firms, is mulling a GP-led secondaries process that could rank among the largest yet.

The London-headquartered firm is in early stage talks with investors about a process on Charterhouse Capital Partners IX, its 2009-vintage, €4 billion buyout fund, according to two sources familiar with the matter.

The firm wants to give extra time and capital to the five remaining assets in the fund, which have an average investment period of four years, sister publication Secondaries Investor understands. Charterhouse believes the deal could be worth as much as €2 billion including follow-on capital.

The firm has not appointed an advisor.

Charterhouse declined to comment.

In GP-led restructurings, assets are typically moved from an existing fund into a new vehicle with existing LPs, new LPs or a mix of both backing the fund.

CCP IX has made eight exits so far for a gross multiple of 2.9x, Secondaries Investor understands. The fund closed on target in 2009, according to PEI data. Investors include Canada Pension Plan Investment Board, Employees Retirement System of Texas and Florida State Board of Administration.

Remaining companies in the fund include telehealth firm Tunstall and exhibitions company Comexposium, according to the firm’s website.

Charterhouse’s last fund was the 2016-vintage CCP X which raised €2.3 billion against a €3 billion target.

In August the firm hired Bain Capital’s Valentina Gentile as investor relations director, Private Equity International reported. Last year the firm appointed Gilles Collombin as partner and head of investor relations and Paul Brown as investor relations manager.