Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Innovation Investing Conference
    • 2022 Defined Contribution East Conference
    • 2022 ESG Investing Conference
    • 2022 DC Investment Lineup Conference
    • 2022 Alternatives Investing Conference
Breadcrumb
  1. Home
  2. MONEY MANAGEMENT
October 06, 2016 01:00 AM

SVG Capital now backs deal to sell 100% of portfolio to GSAM, Canada Pension Plan

Sophie Baker
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    businessmen shaking hands
    Getty Images

    The board of SVG Capital agreed in principle to sell 100% of its investment portfolio to funds managed by a Goldman Sachs Asset Management unit and certain investment entities managed by the C$287.3 billion ($218.8 billion) Canada Pension Plan Investment Board, in a £748 million ($970.3 million) deal.

    The deal represents a 6.8% discount to the value of the investment portfolio at July 31, said a regulatory filing by SVG Capital on Thursday. The deal equates to a value of 680 pence per share.

    The deal comes two days after SVG Capital agreed to sell 50% of its investment portfolio to private equity managers Pomona Capital and Pantheon Ventures, at a 7.8% discount to the value.

    Should the CPPIB-GSAM deal be completed on these terms, about £1.06 billion would be returned to shareholders through a series of tender offers and the winding down of the company. SVG Capital would make a £450 million tender offer before the end of 2016, at 680 pence per share. It would then make a £300 million offer in January or February, at the same value per share, followed by a March tender offer of £270 million. Final capital distribution in the winding down process is expected to be in the second quarter.

    The board will recommend the proposed sale of the portfolio to GSAM’s alternative investments and manager selection group and Toronto-based CPPIB, subject to formalizing documentation. It no longer intends to recommend the sale to Pomona Capital and Pantheon Ventures. Completion of the sale to Goldman’s AIMS group and CPPIB is also conditional on the lapse or withdrawal of an offer by HarbourVest Bidco last month at 650 pence per share and appropriate shareholder approvals.

    In a comment in the filing, Andrew Sykes, chairman of SVG Capital, said the board believes this offers greater certainty than the proposed sale of 50% of the portfolio to the private equity firms, and “will generate superior value compared with the existing 650 (pence) a share cash offer from HarbourVest Bidco.”

    “CPPIB and Goldman Sachs AIMS group have a reputation as preferred partners to private equity fund managers because of our established brands and primary and secondary investment capabilities,” added Jim Fasano, managing director, head of funds, secondaries and co-investments at CPPIB.

    Harold Hope, managing director at Goldman Sachs AIMS group, added that the group has worked with CPPIB on similar transactions in the past, and “have a track record of differentiating ourselves based on our experience in the market, our reputation for working with sellers to close transactions quickly and efficiently, our relationships with private equity managers, and our broad financial and structuring expertise.”

    Related Articles
    HarbourVest Partners seeks majority stake in SVG Capital
    HarbourVest pushes SVG Capital shareholders to approve takeover offer
    SVG Capital confirms talks With Goldman, CPPIB about possible offer
    SVG Capital to sell half its portfolio to 2 private equity firms, wind down bus…
    HarbourVest sweetens offer in latest bid to acquire SVG Capital
    SVG Capital changes course again, signs deal to sell portfolio to HarbourVest
    ArcLight Capital sells stake to GSAM, Kuwaiti fund
    Canada Pension Plan Investment Board to acquire Parkway REIT
    Recommended for You
    Arezu Moghadam
    J.P. Morgan Asset Management names global head of data science
    Allianz HQ
    AllianzGI's unprecedented fall ends with U.S. ban
    Simon England-Brammer
    Nuveen targeting private wealth to complement institutional APAC
    OCIO, Anchor in Rough Seas
    Sponsored Content: OCIO, Anchor in Rough Seas

    Reader Poll

    May 23, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Crossroads: Politics, Inflation, & Bonds
    Credit Indices: Closing the Fixed Income Evolutionary Gap
    Forever in Style: Benchmarking with the Morningstar® Broad Style Indexes℠
    Q2 2022 Credit Outlook: Carry On
    Leverage does not equal risk
    Is there a mid-cap gap in your DC plan?
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    May 9, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Innovation Investing Conference
      • 2022 Defined Contribution East Conference
      • 2022 ESG Investing Conference
      • 2022 DC Investment Lineup Conference
      • 2022 Alternatives Investing Conference