HarbourVest to back Innova restructuring

The deal involves the Polish private equity firm's 2010-vintage fund and investors have the option to sell or roll over into a new vehicle.

HarbourVest Partners is the proposed buyer in the restructuring of Polish private equity firm Innova Capital‘s 2010-vintage central and eastern Europe-focused buyout fund, sister publication Secondaries Investor has learned.

Investors in the €381 million Innova/5 fund had the option either to sell their stakes or roll over into a new vehicle managed by Innova, with some new terms and reset carry, according to three sources familiar with the deal.

The deal is worth around €100 million and is being managed by Lazard, Secondaries Investor understands.

Pricing was at an unspecified premium, according to one of the sources, and the LP vote was split nearly evenly between those who sold and those who remained. The deal has not yet officially closed, Secondaries Investor understands.

Investors in Innova/5 include fund of funds manager 57 Stars, which committed $26.58 million, Aberdeen Asset Management and ATP Private Equity Partners, according to PEI data.

HarbourVest and Lazard declined to comment. Innova did not return a request for comment.

– Toby Mitchenall contributed to this report.

To read the full version of this story, please visit Secondaries Investor.