Spin-Outs

The secondaries buyers invested $325m to back the spin-out of Aretex along with a portfolio of three assets.

F&C Private Equity Trust joined Montana Capital Partners in backing the €33m management buyout of Banco Popolare de Vicenza’s PE business.

Making the business case for spinning out is often easy; the potential pitfalls come from the details of doing it.

The firm used its 2015-vintage fund to back the private equity arm of Banca Popolare di Vicenza, which was one of the country's largest retail and corporate banks.

The move, prefaced by Harvard offloading $2bn of real estate assets, marks Bain's entry into the bricks and mortar business.

Timber Bay Partners, a secondaries firm founded by two Fort Washington executives, is seeking $200m according to a US Securities and Exchange Commission filing.

The bank has previously made secondaries sales of private equity assets to groups including Goldman Sachs and Coller Capital.

Stage Capital, which spun out of National Bank of Greece's alternatives arm last year, is itself interested in backing spin-outs and portfolio transfers.

The deal brings Qualium Investissement to a first close on its latest fund which has a €350m target, Secondaries Investor has learned.

The investment firm has acquired minority direct stakes in the fund's portfolio companies and will work with the Italian manager to raise a country-focused fund.