Single Assets

The Paris-headquartered asset manager is looking to extend its hold on a portfolio company within its mid-cap European Expansion strategy, Secondaries Investor has learned.

KKR bought a portion of the asset through a separate M&A process, which is understood to have been used to anchor pricing that the Evercore-advised CV transaction was based off.

A study by the bank and the HEC School of Management has also reinforced earlier findings that single-asset CVs perform largely in line with buyout funds, while offering lower return dispersion.

The process highlights the potential use of GP-led technology for longer holds on restaurant chain businesses.

The deal highlights how continuation funds are filling the void in the exit market when traditional exit routes remain subdued.

The pair are working on a further four global co-advisory mandates, Alex Bruce and Immanuel Rubin tell Secondaries Investor.

As the continuation fund market evolves and expands, it is inevitable that some of the assets would fall into bankruptcy.

The continuation fund is the second time St Louis-based Thompson Street Capital has used the GP-led secondaries market.

The asset, BLUESEA Hotels, aims to become the market leader in three- and four-star hotels and resorts in Spain.

Council Ring Capital, a single-family office founded by the Mills family, led the deal with Finnish GP DevCo in a transaction that Coller Capital also backed.