Goldman picks up Terra Firma stakes

Last December, Terra Firma chairman and chief executive Guy Hands said the firm was looking to reduce its 190 LPs to 20.

Goldman Sachs Asset Management (GSAM) has emerged as the backer of the tender offer on Terra Firma Capital Partners‘ 2007 fund, Secondaries Investorhas learned.

GSAM has agreed to purchase around $200 million worth of stakes in Terra Firma Capital Partners III in a process run by Credit Suisse, according to two sources familiar with the transaction. The deal is expected to close in February.

Terra Firma will itself also purchase stakes in the fund. Secondaries Investor previously reported that the firm would buy 10 percent of the total stakes LPs agree to sell and would pay the same price as other buyers.

The number of limited partners that decided to sell their interests in the €5.4 billion buyout fund was in the double digits and the process ran smoothly with LPs responding logically to the offer, according to one of the sources.

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