Spin-Outs

The sale of emerging markets-focused CVCI leaves Citi with an uncertain future in private equity.

Goldman Sachs, AlpInvest and Landmark Partners are backing the financial separation of Ridgemont Equity Partners from Bank of America as the firm raises its debut fund as a fully independent firm.

Committed Advisors, founded by former AXA PE executives Daniel Benin and Barthelemy de Beaupuy, has already closed on eight transactions.

Paul Capital, HarbourVest, LGT and Axiom have committed around $400m to NewQuest Asia, the spin-out of Bank of America Merrill Lynch Private Equity Asia.

Gerry Grimstone will step down as chairman of Candover Investments as the investment team breaks away to form a new entity, Arle Capital Partners.

The firm’s secondary team, which has committed 75% of its $2.9bn Fund VII, has jointly funded the spin-out of a German VC group whose new media portfolio includes some high profile companies like Groupon.

A management group from Lehman Brothers Venture Partners will spin-out to become Tenaya Capital, which will have $750m in capital and 45 portfolio companies. HarbourVest completed a synthetic secondary transaction as part of the spin-out.

Newbury Partners, launched by Auda Advisors’ former secondaries team, has already committed 25 percent of its debut fund.