F&C private equity acquires Landsbanki interests
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F&C’s private equity fund of funds division has acquired Icelandic bank Landsbanki’s private equity fund interests, representing the whole of Landsbanki private equity fund I and a substantial part of its private equity fund II.
This represents over 65m of original commitments. Landsbanki private equity fund II, which has a number of Icelandic investors, will continue to be managed by Landsvaki, the asset management arm of NBI hf. in partnership with F&C.
The Landsbanki private equity fund interests will comprise F&C’s Aurora fund’s initial portfolio. The Aurora fund has made its first close at 30m. It specialises in acquiring secondary interests in predominantly European private equity funds (buyout and mezzanine) and co-investments. Investors include UK and Dutch pension funds.
Head of F&C Private Equity Hamish Mair says: “We are delighted to have acquired an attractive portfolio of European mid-market buyout funds which was put together by the well regarded private equity funds team at Landsvaki and at the same time provided a solution which protects the interests of the other investors in Landsbanki Private Equity Fund II while relieving Landsbanki of a substantial amount of undrawn commitments. This transaction represents a welcome opportunity to profit from the credit crisis.”
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