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Acquisition from Morgan Grenfell February 2003
   

VISION CAPITAL FUND ACQUIRES PRIVATE EQUITY PORTFOLIO FROM MORGAN GRENFELL PRIVATE EQUITY PARTNERS IN ONE OF EUROPE’S FIRST SYNTHETIC SECONDARY PORTFOLIO TRANSACTIONS

Vision Capital Limited (“Vision Capital”) announces the acquisition of a portfolio of companies from Morgan Grenfell Equity Partners funds (“MGEP”) for an undisclosed sum.  In this innovative transaction, the portfolio companies are being acquired by new investment partnerships established by Vision Capital.  The portfolio represents the majority of the investments held by MGEP and includes interests in Deloro Stellite Group Limited, Abrasive Technologies Holding AG, AB Cerbo Group and Shearings Group Limited.

The new partnerships are financed by lead investor Goldman Sachs’ GS Vintage Fund II, investment partnerships managed by Goldman Sachs Asset Management’s Private Equity group.  The GS Vintage Funds have pioneered a number of innovative transactions involving the purchase of portfolios of direct private equity investments, or “synthetic secondaries”, in recent years.

Graham Clempson, Chief Executive of Morgan Grenfell Private equity (“MGPE”), commented: “We are pleased to be realising value for our investors in a difficult market environment and we wish the companies well for the future.”

Julian Mash, Chief Executive of Vision Capital, said: “We are delighted to have completed this transaction with MGPE and are excited by the prospect of working with the portfolio companies in order to help them achieve their full potential free from the inevitable constraints of a closed fund.  We are grateful for the support of Goldman Sachs’ Vintage funds as our lead investor in putting together this transaction which we believe to be one of the first synthetic secondary portfolio transactions to be completed in Europe.”

Vision Capital is an independent investment bank which provides innovative and bespoke financial solutions for private equity firms and other investors.  The firm’s principal activities are focused on synthetic secondary portfolios, and partnering with and advising private equity firms on single company investments.

Vision Capital is a limited liability partnership | Registered in England number: OC336240 | Authorised and regulated by the Financial Conduct Authority