Singapore sovereign wealth fund to unload some PE-fund stakes
By Bloomberg | January 20, 2012 3:36 pm
Government of Singapore Investment Corp. is seeking to sell about $700 million in private equity holdings, according to three people familiar with the matter.
The $274.5 billion sovereign wealth fund named UBS to manage the sale, which involves stakes in mostly older buyout and venture capital funds, said the people, who asked not to be identified because the information isn’t public. Among the stakes GIC is offering are funds from Atlas Venture, Draper Fisher Jurvetson, W.L. Ross & Co. and J.C. Flowers & Co., the people said.
Jennifer Lewis, a spokeswoman for GIC, declined to comment on the sale.
Limited partners such as Singapore GIC are increasingly selling assets as they seek to reduce the number of firms they do business with or to comply with new regulations. The $223.1 billion California Public Employees’ Retirement System, Sacramento, last year sold $800 million in buyout stakes to AlpInvest Partners.
Harvard Management Co., which oversees the Cambridge, Mass.-based Harvard University’s $32 billion endowment, is offering more than $1.5 billion in stakes in predominantly U.S. venture and buyout funds through UBS, according to an investor presentation obtained by Bloomberg News.
Funds from Bruckmann, Rosser, Sherrill & Co., Monitor Clipper Partners, Claremont Creek Ventures and Weston Presidio Capital are among those being offered, according to the investor presentation.
Christine Heenan, a spokeswoman for Harvard Management, declined to comment on the sale.