The transaction provides liquidity to investors in the firm's 2015-vintage fund, while retaining joint control of the Swedish pension and savings platform with Acathia Capital.
The continuation fund extends Synova's ownership of specialist fund services provider DM Financial while delivering a 4.7x gross return on its original investment.
The transaction reportedly involves 24 loans from Ares Capital Europe IV, with existing investors receiving approximately 1.5x their initial investment.
The single-asset transaction allows the Italian manager to retain its investment in Valsa Group alongside new co-controlling shareholder PX3 Partners.
The deal provided Sumer with fresh acquisition capital and included a debt refinancing backed by Ares, BlackRock, Pemberton, and Investec.
The reported deal comes four years after IQ-EQ was transferred into a €1.3 billion CV and follows indications in January that Astorg was considering a sale.
The FTSE 250-listed private equity fund is selling partial interests in five Oakley funds at a 5.75% discount to their March 31 carrying value.
The deal allows Keyhaven to retain its investment in a luxury automotive components manufacturer following more than sevenfold EBITDA growth.
The strategy, anchored by a Korean institutional investor, has adopted an evergreen semi-liquid structure aimed at capturing emerging credit secondary opportunities throughout the cycle.
