Swedish insurance group sells €1.5bn portfolio

Two buyers – Abu Dhabi Investment Council and Australia’s QIC – acquired the majority of the portfolio that included funds from managers like Apax, Advent, BC Partners and Bain Capital.

A group of Swedish insurance companies called the Länsförsäkringar Alliance has completed the sale of an €1.5 billion private equity portfolio to two buyers: the Abu Dhabi Investment Council, which bought the bulk of the offering, and Australian institutional investor QIC, according to two secondary market sources.

A spokesperson for Länsförsäkringar confirmed the sale, but did not go into detail. Campbell Lutyens, the London-based placement agent and secondary advisor, ran the sales process. The firm could not be reached for comment.

Abu Dhabi Investment Council and QIC also did not return calls for comment.

The sale was one of the largest to come out of Europe and involved interests in “high quality” funds, sources told Private Equity International in prior interviews. The offering included unspecified funds run by Bain Capital, Advent International, Apax Partners, BC Partners, Berkshire Partners, Madison Dearborn, TPG Capital, IK Partners and TA Associates, according to sources.

ADIC and QIC would be considered “non-traditional” buyers of secondary stakes — or institutions other than the large secondary funds. QIC has about $2.1 billion of committed capital to private equity, according to its website. As of last year, the institution had a 5 percent allocation to private equity.

ADIC discloses almost nothing about its activity. The institution is an investment arm of the Government of Abu Dhabi, according to its web site. ADIC started operations in 2007 and invests part of the government’s surplus financial resources.