Pollen Streel deal is latest example of buy-and-build continuation funds
Are you a GP lacking follow-on capital for an add-on? A continuation fund could be right for you – so long as it's done right.
By Adam Le
When financial services investor Pollen Street Capital acquired insurance group Markerstudy Group in January 2021, it probably didn’t expect it would be mulling a continuation fund on the asset as early as the following year.
As we reported this week, the London-headquartered firm has just run a GP-led to move Markerstudy and a separate asset into a continuation vehicle backed by co-leads AlpInvest Partners ,? LGT Capital Partners ?and? StepStone Group in a Lazard -advised process.
The deal is not your run-of-the-mill GP-led secondaries transaction. For one, an M&A process was run concurrently on Markerstudy in which the insurer agreed to acquire Atlanta Group , the personal insurance brokering business of independent insurance distributor The Ardonagh Group . The further issues of minority...