Deals

Novacap acquired Revau in 2020 through its first financial services fund, which it closed in 2021 on C$417m.

DevCo, which typically holds onto assets for 15 years, ran another sizeable continuation vehicle last year.

The heavily oversubscribed fund will hold two assets Seven2 has minority stakes in.

French private equity firm Motion acquired Olyos in 2018. It will move the asset into a new vehicle as it seeks to capitalise on M&A and growth opportunities.

This is at least the second time IDG has tapped the secondaries market for a CV deal, having previously completed a GP-led five years ago.

One of the assets in the two-company continuation fund is housed within an existing multi-asset CV closed in 2022, Secondaries Investor has learned.

Horizon II, a private equity mandate Federated Hermes was awarded by the BT Pension Scheme, has received the LP-interest financing.

The overall buyers on the deal could account for a portfolio of around $3-$4bn, Secondaries Investor understands.

It’s not the first time that the North Carolina-based PE firm has run a CV to extend its hold of a top-performing asset.

Mirova first invested €150m in TagEnergy in 2022.