Continuation funds of Q4 2023

SecondaryLink has completed a review of, and compiled below, all the continuation funds of Q4 2023.?

Enjoy!

BV Investment Partners CF – Managed by BV Investment Partners for Right Networks. Lexington, StepStone, Kline Hill, and Apogem were co-lead investors. Guggenheim Securities served as the exclusive financial advisor to BV Investment Partners and Ropes & Gray provided legal counsel on the transaction. Proskauer Rose acted as legal counsel for Lexington, StepStone, Kline Hill, and Apogem.?

Apex Service Partners CF ($3.4 billion) – Managed by Alpine Investors for Apex Service Partners. Blackstone Strategic Partners, HarbourVest, Lexington and Pantheon invested in the new vehicle, along with Alpine’s Fund IX. Evercore acted as the lead financial advisor along with JPMorgan and Cowen for the transaction and Kirkland & Ellis served as legal counsel to Alpine. Morrison Foerster served as debt counsel.?

Persistence Capital Partners CF ($275 million) – Managed by Persistence Capital Partners (PCP) for MedSpa Partners (MSP). Morgan Stanley anchored the continuation fund and Harris Williams served as the exclusive placement advisor to PCP and MSP.?

Kinderhook Industries CF ($1.3 billion) – Managed by Kinderhook Industries, with AlpInvest Partners?as the lead investor. Aviditi Advisors?served as financial advisor and?Kirkland & Ellis?served as legal counsel to Kinderhook.?Ropes & Gray?served as legal counsel to AlpInvest.??

Searchlight Capital Partners CF – Managed by Searchlight Capital Partners for its interest in Integrated Power Services (IPS). Funds managed by?Goldman Sachs Asset Management?were the lead investors, and funds managed by?Neuberger Berman?were the co-lead investors. Evercore?acted as the lead financial advisor along with?J.P. Morgan.?Latham & Watkins?served as legal counsel to Searchlight.??

MiddleGround Carbon CV ($440 million) – Managed by MiddleGround Capital for its interests in Banner Industries and Castle Metals. Hamilton Lane served as lead investor on the deal. Cerberus?and?Fifth Third?partnered with MiddleGround Capital to provide the debt financing for the transaction.?Dechert LLP?served as a buy-side legal advisor, and?Greenberg Traurig LLP?served as a sell-side legal advisor to MiddleGround Capital.??

DWS Group Continuation Fund (€550 million equity & €200 million follow-on) – Managed by DWS Group for its minority stakes in four assets from DWS Pan European Infrastructure Fund III. Ardian and AXA IM anchored the continuation fund. Rothschild & Co. advised DWS on the transaction.??

RockPort Capital Partners III Continuation Fund – Managed by RockPort Capital Partners for its portfolio companies, NewLeaf Symbiotics and Qnovo. Blue Earth Capital served as lead investor.?

Summa Circular Continuation Fund (~€550 million) – Managed by Summa Equity, a Sustainable Finance Disclosure Regulation (SFDR) Article 9 continuation fund for its portfolio company NG Group. Quilvest Capital Partners (QCP) acted as the Principal Lead Investor. QCP was advised by?Proskauer Rose.?UBS?acted as Summa's exclusive secondary advisor.?Ropes & Gray, Mannheimer Swartling and Wikborg Rein acted as legal advisors,?McKinsey?and?PwC?covered commercial, financial, and tax due diligence, and?Houlihan Lokey?acted as fairness opinion provider.?

AnaCap Continuation Fund (€300 million) – Managed by AnaCap for MRH Trowe (MRHT) and Gestión Tributaria Territorial (GTT). HarbourVest Partners?led the continuation fund, with?Schroders?as the co-lead. Triago?acted as the placement agent and?Proskauer?provided legal advice to AnaCap on the transaction.?

Leonard Green & Partners Continuation Fund ($2 billion) – Managed by Leonard Green & Partners to acquire four portfolio companies from Green Equity Investors VI and GEI VII. Carlyle’s AlpInvest Partners was the lead investor. Evercore?served as LGP’s exclusive financial advisor, with?Gibson Dunn & Crutcher?serving as LGP’s legal counsel.?Ropes & Gray?served as legal counsel for AlpInvest Partners.??

GenNx360 Aerospace Fund ($400 million) – Managed by GenNx360 Capital Partners to extend its interest in Precision Aviation Group (PAG). Neuberger Berman?and?Blackstone Strategic Partners led the continuation fund. Evercore?acted as lead financial advisor for the transaction, with?Houlihan Lokey?also acting as a financial advisor.?Paul, Weiss, Rifkind, Wharton & Garrison?served as legal counsel for GenNx360 Capital Partners,?Winston & Strawn?served as legal counsel for Precision Aviation Group, and?Gibson, Dunn, & Crutcher?served as legal advisor for Neuberger Berman and Blackstone Strategic Partners. ??

Thank you for reading this quarter’s segment on continuation funds. Make sure to check out the?Q1,?Q2, and Q3 editions?as well!?

And as always, we would welcome any additions that you believe we have missed - Just email us at [email protected]!??