Candover, a London-headquartered private equity firm, has announced that it has entered into discussions with its fund investors regarding a restructuring of its Candover 2008 fund, which was understood to be targeting approximately €5 billion.
A statement yesterday said that Candover had taken action due to the “current economic and market backdrop” and anticipates that “the principal change will be a reduction in the projected size of the fund, with Candover and a number of LPs taking the opportunity to reduce their commitments”.
Candover said that the fund currently has commitments of €3 billion, including €1 billion from Candover itself. More details on the fund restructuring are expected when Candover announces its results for the year ended December 31 on March 2.
To date, the only investment from the fund has been oil field services group Expo, acquired alongside Goldman Sachs and AlpInvest for £1.8 billion last year.
Source: Thomson Merger News