Simsbury, Connecticut private equity secondary firm Landmark Partners has acquired a third-party private equity portfolio from Bank One valued at $950 million, the firm announced.
Until now, the portfolio of 65 partnership interests was being managed by One Equity Partners, one of two private equity firms affiliated with JP Morgan. Bank One merged with JP Morgan in January, 2004.
Francisco Borges, chief executive officer of Landmark, described the deal as “the most sought-after portfolio in the market because of its size and quality.”
Borges said the deal closed late last year, making it the largest secondary transaction of 2004. He added it was a negotiated transaction with Bank One.
In a press release, Borges stated: “With a very robust pipeline, we are pursuing a number of other transactions, some similar to this one.”
Landmark recently closed a $625 million (€470 million) private equity secondary fund. The firm also manages private equity real estate secondary funds and primary funds of funds. Landmark also has offices in Boston and London.
Formed in 1989, the firm invests in venture, mezzanine, buyout, and real estate limited partnerships.