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June 2007
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Greenpark Capital, one of Europe’s leading private equity secondaries fund managers, announces the final close of its €350m second fund, Greenpark International Investors II, L.P. The new fund follows on rapidly from its first fund raised in 2003 and brings total funds under management to c. $700m. The new fund has, again, been capitalised by major institutions from Europe, the US, the Far East and the Middle East.
The fund, which was hard capped by investors and had significant excess demand, is one of the fastest ever fund raisings in European private equity, having closed in just under three months from introduction to new investors.
The speed with which the fund closed is set against the backdrop of a competitive fund raising environment and reflects both the increasing importance of the secondaries market and the success of Greenpark Capital’s first fund. It also demonstrates the attraction to investors of Greenpark Capital’s specialist mid-market niche, which enjoys very attractive potential returns. Greenpark Capital’s first fund is already 80% invested in an attractive and diversified mix of assets. The team is fully geared up to continue its performance for fund two, thanks to its longstanding experience and reputation in the secondaries market.
The European secondaries market has grown significantly since it began in the early 1990s, as investing institutions seek the liquidity it offers. By enabling investors to trade assets before their natural maturity, secondaries can be used to support revised asset allocation models in order to achieve the optimum mix of risk, value, territory and sector. Additionally investors are increasingly seeking earlier returns from their private equity investments, particularly as primary funds choose to hold assets for longer and more recently as they find exits harder to achieve.
The expectation is that the growth of the secondaries market is set to continue. By 2005 total funds under secondaries fund management are expected to be c. $20bn compared with $3bn in 2000.
US placement agent: Denning & Co., San Francisco.
Enquiries:
Greenpark Capital: 00 44 207 647 1400
Marleen Groen
Joanna Jordan
Equus: 00 44 207 223 1100
Piers Hooper
Corinne Daniels
Photographs are available at www.visualmedia.co.uk or on request
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September 2006
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Highlights of the study:
- German institutional investors have raised allocations to private equity by 25% increasing their commitments to the asset class at a pace markedly above normal maturity patterns
- A significant 7% of the allocation (as compared with a global average of 3%) is going to secondaries funds, demonstrating a high level of sophistication of allocation modelling.
- 62% of existing German Institutional Investors intend to invest in secondaries going forward, with 27% of respondents citing impressive returns and 23% citing risk diversification of portfolios as the key reasons for investing.
- Secondary transactions are regarded as an important portfolio management instrument, with the most important characteristics remaining discretion, a win-win solution, and the ability to structure complex transactions.
- Decisions to sell to secondaries funds are fundamentally based on achieving otherwise difficult exits (22% of respondents), active portfolio management (22%) and locking in a return (22%).
A recent study of German Institutional Investors1 has found that appetite for the private equity market is rapidly accelerating, with capital allocations up 25% from 2003. The study conducted by Prof. Dr. Stefan Jugel from the highly respected Wiesbadener Private Equity Institut in Germany shows a country accelerating its commitment to the asset class, particularly through secondaries funds, beyond the allocation patterns normally witnessed.
The backdrop for comparison purposes is that European private equity funds, in total, currently account for 27% ($306.5bn) of the total global funds raised between 1999 and 20052 (Global PE funds raised a total $1,129.1bn3). Secondaries funds globally account for 3% of the total funds under management at $37bn4 with Europe accounting for $10bn.
Key findings of this new study have shown that within this expanding market the German sector is rapidly maturing and has become considerably more institutionalised. While Germany is mirroring the investment modelling pattern previously observed in the US and UK, it is doing so at an accelerated pace. Its higher than average commitment to secondaries funds sets this trend in sharp relief. A noteworthy 62% of German Institutional Investors that have previously invested in private equity were cited as intending to commit to secondaries in the future. This marked interest in secondaries is highlighted with German Institutional investors allocating a significant 7% [to the asset class] compared to the global average of 3%.
The study showed that 18% of German Institutional investors have already invested in secondaries funds and 11% of the capital invested in Private Equity was sold via secondaries transactions. These figures highlight the increasing importance of secondaries funds to the primary market as a liquidity solution.
Francesco di Valmarana at Unigestion commented:
“We are very encouraged by the findings of this research, which reinforce our positive internal forecasts for German private equity. With such a rapid increase in private equity allocations over the last three years, institutional investors have obviously understood the benefits of the asset class. Germany is set to become an increasingly significant market both for private equity fund of funds and dedicated secondaries players in the next few years.”
Joanna Jordan at Greenpark Capital added:
“This research confirms our own reading of German investors’ attitude towards secondaries market The characteristics cited as being important when considering a sale to a secondaries manager, namely discretion, being able to achieve a fair consideration for assets and the ability to structure complex transactions, show a high level of sophistication among German institutional investors.”
A copy of the research report is available upon request.
Contacts
Equus: Piers Hooper +44 20 7223 1100
Greenpark Capital: Joanna Jordan +44 20 7647 1400
Unigestion: Francesco di Valmarana +44 20 7529 4169
Note to Editors
Around 200 companies responded to the survey, which was carried out by Dr Stefan Jugel of the Wiesbadener Private Equity Institut.
Greenpark Capital
Greenpark Capital is one of the UK’s leading secondaries specialists, advising funds in excess of $700 million. Established in 2000, it specialises in providing liquidity for investors in buyout, venture and other private equity investments who are seeking to sell their investments before they reach maturity. Greenpark funds are capitalised by major institutions from Europe, the US, the Far East and the Middle East.
The Greenpark team has extensive experience in the secondaries market and a broad base of language and cultural skills, enabling the expert execution of transactions throughout Europe and across the world.
Greenpark has built a reputation for sound investment skills, innovative deal structuring and a highly responsive approach to sellers’ specific needs. It has the recognised expertise to deliver customised solutions to investors with total reliability and confidentiality.
Unigestion
Unigestion is a privately owned asset management firm that focuses exclusively on the management of innovative highly active strategies spanning the private and public capital markets. Employing over 100 people and operating through subsidiaries in Geneva, Paris, London, Guernsey and New York, Unigestion manages assets of €6.8 billion on behalf of leading pension funds, insurance companies, banks, charitable foundations and a select group of families. Established in 1971, Unigestion has been investing in private equity for over 20 years and manages a continuous series of top-quartile fund of funds and innovative specialist solutions for larger clients.
Unigestion’s services are characterised by a unique blend of assets and skills:
- With 74% of capital resources controlled by management, guaranteed independence
- €120 million of shareholders equity invested alongside its clients
- Forward thinking investment culture coupled with focused execution
- Steady asset growth and stable capital base to support long-term investment in new capabilities and systems
- An impressive proven track record.
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July 2007
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Following the recent close of its €730 million fund, Greenpark Capital, one of the leading European private equity secondaries firms, has strengthened its team with a series of key promotions and the appointment of two new Investment Directors. Daniel Green has been promoted to Investment Director and Philippe Munch to Associate Investment Director. Mark Huber and Tanja Saaty join the team as Investment Directors.
Daniel Green joined Greenpark Capital in January 2001 as an Investment Analyst. He has worked on numerous secondary transactions across a wide variety of international markets and industry sectors. Prior to joining Greenpark Capital, Daniel worked at Newtonmore Technologies, a venture capital company, and PricewaterhouseCoopers. He speaks fluent French and Spanish and holds a Masters from the University of St Andrews, Scotland.
Philippe Munch joined Greenpark Capital as an Analyst in 2003. Previously he completed an MBA at the European School of Management ESCP-EAP (Paris and Oxford) in 2000 before joining Société Générale Investment Banking as an Associate in Corporate Finance / M&A. Philippe is French and speaks fluent German.
Mark Huber has extensive experience of the financial markets, having worked in a variety of investment roles. He previously managed a fund for Austria’s largest private equity firm, Global Equity Partners, where he established a portfolio with a specific focus on Europe (direct, co-lead investments) and the Americas (fund of fund investments). Previously he worked in Corporate Finance at WestMerchant, WestLB, in Düsseldorf and New York. Mark is Austrian and holds a Masters degree from the University of Economics, Vienna. He speaks fluent German, French, Spanish and English, and is responsible for deal origination and execution with a particular focus on German speaking markets.
Tanja Saaty was a Director at Mezzanine Management UK focusing on originating, structuring and executing mezzanine debt and equity investments in Europe, particularly in the UK, Germany and Spain. Her responsibilities also included the management and exit of portfolio investments. Prior to this, Tanja worked at Citigroup in London and New York focusing on shareholder value enhancement for large corporates. Tanja holds a Masters degree from Vienna and an MBA from Pittsburgh, USA and is fluent in English, German, Italian, Spanish, Portuguese and French. She is responsible for deal origination and execution with a focus on the European markets.
Joanna Jordan, Operations, IR Director and Co-founder, comments:
“We’re delighted with these promotions, which reflect the quality of our team at every level. Having just successfully closed our latest €730 million fund, Greenpark International Investors III, L.P., these appointments further demonstrate our commitment to continually strengthening the business. With our new team members in place, we look forward to consolidating Greenpark’s reputation as a leading secondaries specialist.”
Contacts
Equus: +44 20 7223 1100
Piers Hooper
Vimala Camadoo
Greenpark Capital: +44 207 647 1400
Joanna Jordan
Notes to editors
Greenpark Capital is a dedicated secondaries specialist, with over €1.3 billion of capital under management. Established in 2000, it specialises in providing liquidity for investors in buyout, venture and other private equity interests who are seeking to sell their investments before they reach maturity. Greenpark funds are capitalised by major institutions from Europe, the US, the Far East and the Middle East.
The Company’s multi-lingual, multi-cultural team has significant experience in corporate finance and cross-border M&A, ensuring the expert execution of transactions throughout Europe and across the world.
Greenpark Capital has a reputation for sound investment practices, innovative deal structuring and a highly responsive approach to sellers’ specific needs. It has the recognised expertise to deliver customised solutions to investors with total reliability and confidentiality. Greenpark has a proven investment strategy focus on value rather than volume, with an emphasis on less competitive, mid-sized European transactions, thus avoiding the volume-oriented bulk end of the secondaries market to deliver superior returns.
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March 2003
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Greenpark Capital, the London based private equity secondaries firm, announces the successful closing of its first global private equity secondaries fund, Greenpark International Investors I, L.P., on target at $200 million.
In the face of difficult market conditions, the fund attracted capital from Europe, the Far East and Middle East, the USA and several other countries. Investors include a broad range of blue chip institutions such as insurance companies, state owned investment boards, asset managers, foundations and family offices.
Greenpark Capital was established in 2000 by Marleen Groen, Joanna Jordan and Andrew French, formerly executives at Coller Capital, another secondaries firm. Greenpark is one of only a few truly dedicated secondaries firms in Europe.
The Greenpark team has many years’ experience at the forefront of secondaries investing and the company has established itself as a prominent player in the secondaries market. The firm has gained a reputation for creative transaction structuring to suit sellers’ requirements as well as for seamless execution skills.
Marleen Groen, Chief Executive, said: “We are delighted with the excellent spread of investors that we have attracted to our first fund, and this is a real endorsement of the reputation that the firm has gained amongst major international investors.”
Greenpark completed a number of investments during its fundraising period. It has now stepped up the investment pace by converting some large deal opportunities into attractive investments for the fund and a Greenpark-led co-investment syndicate, which will significantly augment Greenpark’s total funds under management.
Greenpark purchases interests from: institutional and private investors who wish to divest some or all of their interests in private equity funds or other portfolios; general partners whose funds are close to – or already past – their maturity date; and organisations with portfolios of direct investments.
For further information, please contact:
Marleen Groen or Joanna Jordan at Greenpark Capital on Tel: +44 20 7499 2838
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September 2004
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Greenpark Capital, the London based private equity secondaries firm, is continuing to grow its team with the appointment of Christophe Nicolas as Investment Director and Ottavia Tuinhout as Investment Analyst.
Christophe joins Greenpark from Permira where he was involved in transaction origination and execution in the media, leisure and business services industries. Christophe started his career with BNP in Hong Kong and Goldman Sachs in London where he was a member of the execution team of the Financial Institution Group within the Investment Banking Division. He then spent five years at Broadview in London on origination and execution of strategic advisory, M&A and general corporate finance advisory, focused on high growth business services, media and technology industries across Europe. Most recently, Christophe spent three years at Permira where he was involved in leveraged buy outs transaction origination and execution in the European media, leisure and business services industries. Christophe is a French national and holds an MBA from Ecole Superieure de Commerce de Paris (“ESCP”).
Ottavia Tuinhout joins Greenpark as Investment Analyst having just finished her Masters in Finance at London Business School. Prior to this, Ottavia spent three years at Deloitte Touche Tohmatsu, management consultancy, as Analyst and Consultant in the USA and Italy. Ottavia is Italian and speaks three European languages.
Greenpark Capital Limited (“GCL”) is an independent management owned global private equity secondaries investment adviser, specialising in providing liquidity solutions to investors seeking to exit from long term private equity investments before such investments have reached maturity. Greenpark focuses on innovative deal structuring combined with a highly responsive approach to sellers’ specific needs. GCL advised funds purchase holdings in buyout, development capital, venture capital and mezzanine investments.
GCL, which has $450 million under management, held a final close on its first fund, Greenpark International Investors I, L.P., in January 2003 on target at $200 million, having commenced investment in January 2002. The investment pace has been steady and, with over 80% of investments being 1999 vintage or earlier, a healthy distribution stream has been established.
The Greenpark team has many years’ experience at the forefront of secondaries investing and the company has established itself as a prominent player in the secondaries market. The firm has gained a reputation for innovative transaction structuring and sound execution skills.
Greenpark purchases interests from: institutional and private investors who wish to divest some or all of their interests in private equity funds or other portfolios; general partners whose funds are close to – or already past – their maturity date; and organisations with portfolios of direct investments.
For further information, please contact:
Marleen Groen or Joanna Jordan at Greenpark Capital on Tel: +44 (20) 7647 1400
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October 2004
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Greenpark Capital, one of Europe’s leading private equity secondaries fund managers, announces the final close of its €350m second fund, Greenpark International Investors II, L.P. The new fund follows on rapidly from its first fund raised in 2003 and brings total funds under management to c. $700m. The new fund has, again, been capitalised by major institutions from Europe, the US, the Far East and the Middle East.
The fund, which was hard capped by investors and had significant excess demand, is one of the fastest ever fund raisings in European private equity, having closed in just under three months from introduction to new investors.
The speed with which the fund closed is set against the backdrop of a competitive fund raising environment and reflects both the increasing importance of the secondaries market and the success of Greenpark Capital’s first fund. It also demonstrates the attraction to investors of Greenpark Capital’s specialist mid-market niche, which enjoys very attractive potential returns. Greenpark Capital’s first fund is already 80% invested in an attractive and diversified mix of assets. The team is fully geared up to continue its performance for fund two, thanks to its longstanding experience and reputation in the secondaries market.
The European secondaries market has grown significantly since it began in the early 1990s, as investing institutions seek the liquidity it offers. By enabling investors to trade assets before their natural maturity, secondaries can be used to support revised asset allocation models in order to achieve the optimum mix of risk, value, territory and sector. Additionally investors are increasingly seeking earlier returns from their private equity investments, particularly as primary funds choose to hold assets for longer and more recently as they find exits harder to achieve.
The expectation is that the growth of the secondaries market is set to continue. By 2005 total funds under secondaries fund management are expected to be c. $20bn compared with $3bn in 2000.
US placement agent: Denning & Co., San Francisco.
Enquiries:
Greenpark Capital: 00 44 207 647 1400
Marleen Groen
Joanna Jordan
Equus: 00 44 207 223 1100
Piers Hooper
Corinne Daniels
Photographs are available at www.visualmedia.co.uk or on request
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