Secondary private equity firm Paul Capital has acquired an interest in a portfolio of private equity assets managed by Cognis Capital. The deal, valued at about 70 million euro ($101 million) is comprised of mostly European assets across a range of sectors, Paul Capital said. The investment was made through Ffenics I Fund LP.
Paul Capital, a leading secondary private equity firm, and Cognis Capital, a London-based alternative asset manager, today announced a transaction through which Paul Capital acquired an interest in a portfolio of private equity assets managed by Cognis Capital.
The transaction, approximately Euro 70 million, is comprised of 20 mostly European assets across a diverse range of industry sectors. The Paul Capital investment, made through Ffenics I Fund LP, a newly formed vehicle, will also provide follow-on capital to the existing investments. This transaction provides liquidity to investors but also granted them the option to rollover their investment into the new fund.
Paul Capital is a global leader in the secondary private equity market and, with this transaction, has built upon their London presence to continue a long history of European transactions.
“Cognis has built a promising portfolio and we are delighted to partner with their talented team and give them the opportunity to create maximum value in their portfolio,” said Elaine Small, Partner at Paul Capital’s London office.
“This transaction with Paul Capital allows us to provide liquidity to our investors whilst continuing to develop this portfolio of assets,” said Myra Tabor, CEO of Cognis Capital. “We have been very impressed by Paul Capital’s professional approach in delivering this challenging and complicated deal” added Simon Jones of Cognis Capital.
“We were privileged to collaborate with a first-rate team like Cognis to develop a unique solution for them and their investors,” said Sabina Sammartino, Principal at Paul Capital in London.
About Paul Capital
Founded in 1991, Paul Capital is a global leader in the private equity secondary market. The firm’s secondary program manages US $4.5 billion in capital commitments and has offices in Hong Kong, London, New York, Paris, San Francisco and Sao Paulo. The Paul secondary funds have completed more than 175 secondary market acquisitions of limited partnership interests and portfolios of direct private equity investments. The secondary team provides customized liquidity solutions to meet the unique needs of sellers of private equity. Paul Capital has become a trusted partner of sellers from around the world seeking innovative transaction structures, fair value, confidentiality and timely transactions. For more information please visit www.paulcap.com.
About Cognis Capital
Cognis Capital, a London based private independent alternative asset manager was established in 2003, with an emphasis of investing in Europe. Cognis Capital’s core strategies focus on credit and distressed, investing opportunistically in mispriced situations where fundamental credit performance and credit events drive returns. Cognis invests in both private equity style special situations and liquid non investment grade securities employing both closed end and hedge fund vehicles.