Deals

The financial services holding company, which has $1.5trn in AUM, is paying $1.75bn for one of the largest remaining independent secondaries firms.

Sevita, which offers various home- and community-based care services to the nation’s most in-need populations, has already produced gains for its current owners — whome took the company private at a $1.4bn valuation in 2019.

The acquisition of the BlackRock single-fund position could presage opportunity for pensions with a lower cost of capital than typical secondaries buyers.

About half of the infrastructure manager’s portfolio is understood to be within the digital infrastructure and communications sector.

The $25.3bn US public pension wants to sell private equity fund stakes and divest of non-strategic relationships, documents show.

The deal overtakes Alaska Permanent Fund’s $1bn sale of a portfolio of stakes to Strategic Partners in July last year, Secondaries Investor understands.

The $95bn state pension had an 11.1% allocation to private equity over a 7% target prior to the transaction, according to Secondaries Investor data.

The secondary is the first for Inovia, and represents a rare instance of not only a large continuation fund process in Canada, but one that involves VC assets as well.

Ardian acquired a majority of the portfolio, offloaded to crystalise returns after a fiscal year in which Harvard’s PE portfolio returned 77%.

Ardian has backed several sizeable deals designed to grow an investment manager’s third-party AUM, involving groups such as Mubadala and John Hancock.