(Reuters) - Global private equity firm HarbourVest Partners LLC said funds managed by it will buy Conversus Capital LP’s CONCA.AS investment portfolio for $1.4 billion.
Guernsey, Channel Islands-based Conversus, a publicly traded portfolio of third-party private equity funds, said it will appoint a liquidator to wind up its operations after the closing of the deal.
HarbourVest said the funds, along with HarbourVest Global Private Equity Limited (HVPE), will buy the entities that hold Conversus’ private equity fund interests and direct co-investments.
HVPE, whose direct commitment to the deal will be about 9 percent, will use its existing $500 million credit facility to fund the deal, HarbourVest Partners said.
Up to 49.9 percent of Conversus unit holders can choose to continue their investment in the acquired portfolio by getting interests in HarbourVest Structured Solutions.
Reporting by Sharanya Hrishikesh in Bangalore; Editing by Don Sebastian