Greenpark Capital, the London-based private equity firm set up in 2000, has held a final close of its first fund targeting secondaries opportunities, hitting the fund’s original target of $200m.
Greenpark International Investors I has secured commitments from a broad range of institutions including insurance companies, state-owned investment boards, asset managers, foundations and family offices. The majority of the invested institutions have not been disclosed, but limited partners in the fund include Hanover Re and Friends Provident.
Marleen Groen, chief executive of Greenpark Capital said: “We are delighted with the spread of investors that we have attracted to our first fund, and this is a real endorsement of the reputation that the firm has gained amongst major international investors.”
Greenpark Capital was set up by Marleen Groen, Joanna Jordan and Andrew French, formerly executives at UK-based secondaries firm Coller Capital. Greenpark is the first spinout team to enter the secondaries market and is one of the few European firms dedicated to the sector.
Greenpark has so far completed three transactions investments during its fundraising period. “The nature of secondary activity is such that apart from the very biggest deals, the bulk of secondary transactions remain undisclosed,” said director Joanna Jordan, who described the firm’s three deals to date as 'traditional secondary deals, old economy, and based in Europe and North America.'
Greenpark said it expects to close a fourth deal 'in a matter of weeks'. “We are pleased that investment pace is quickening in Europe,” added Jordan, “which means we are able to turn opportunities into attractive investments.” The firm has also established a co-investment syndicate, which the firm said will significantly increase its total funds under management.
The past fortnight has been the most active period for secondaries players in Europe, following Deutsche Bank's sale of a E1.5bn portfolio of later stage private equity interests to a consortium including NIB Capital, Coller Capital and HarbourVest Partners. Other recent deals in the secondaries market include Axa Private Equity’s acquisition of a portfolio of ten limited partnership investments from CDC Ixis Private Equity, and Vision Capital, backed by Goldman Sachs, which acquired a portfolio of four businesses from Morgan Grenfell Private Equity.
Greenpark, which is sponsored by Swiss asset manager RMF, used two placement agents: Nick Beteiligungen in Frankfurt and Denning & Co in the US.