New developments emerge on EMG's proposed continuation fund process for Ohio's largest natural gas and oil producer.
The UK accountancy group is reportedly valued at more than £1 billion, with Penta retaining management of the asset after abandoning an earlier sale.
The vehicle is set to acquire the firm's 20% stake in the asset, reportedly valued at around €170 million.
The deal would reportedly shift the vehicle's assets into a closed-end structure and trigger a delisting.
The CV would reportedly acquire ByteDance and Ant Group stakes at a roughly 30% discount to their combined $1.5 billion NAV.
GCM Grosvenor, Ardian, StepStone, North Hudson Resource Partners, and Phoenix Insurance anchored the single-asset vehicle for energy infrastructure company Next Wave.
Harrison Street's process sold 91% of shares offered, with 41% transacting at a 15% discount to NAV versus the 20% initially requested.
The Jefferies-advised deal extends the firm's ownership over a portfolio of properties from its 2015-vintage White Rock Fund II platform.
The vehicle involves a portfolio of Bakken oil and gas properties previously held in the manager's 2014-vintage Fund III.
The ruling on a contentious process for Ohio's largest oil & gas producer ends a rare public dispute between LPs and a sponsor.
