Kohlberg & Co. has completed a general partner-led transaction closing its first continuation vehicle — Kohlberg Investors VII CV — co-led by BlackRock, Singapore sovereign wealth fund GIC and Lexington Partners, a spokeswoman confirmed.
The continuation vehicle holds the remaining four assets in Kohlberg Investors VII, a 2012 fund that had raised $1.6 billion, and is the first continuation vehicle to be established by Kohlberg & Co.
Kohlberg gave limited partners in it is seventh fund the options to fully liquidate their investments, roll over their investors or reinvest new capital in the continuation fund.
"GIC is pleased to work with our partners at Kohlberg, BlackRock, and Lexington to provide a fair and transparent option to existing Fund VII limited partners," said Choo Yong Cheen, CIO of private equity at GIC.
Investors in Kohlberg Investors VII include $25.9 billion Louisiana Teachers' Retirement System, Baton Rouge; $23.5 billion Idaho Public Employee Retirement System, Boise; and $17.4 billion Ohio School Employees Retirement System, Columbus.
Kohlberg & Co. declined to comment further.