Annex Capital and Coller Capital completed their previously announced acquisition of 22 North American private equity assets from the institutional restructuring unit of Dresdner Bank.
In announcing the close, New York-based Annex Capital says it plans to focus exclusively on the direct secondary market.
The $90 million deal, which created Annex as a spinout from Coller, was announced in September. The 22-company private equity portfolio came from Dresdner Bank’s Institutional Restructuring Unit, an entity that the German bank established last year to reduce its exposure to private equity and other non-core assets.
Annex Capital is led by Alexander Coleman, former managing investment partner of Dresdner Kleinwort Capital. Coleman says that what distinguishes Annex from other direct buyers is that its focus is solely on the later stage market. “At the moment, we have limited competition in the market we are in,” he says.
The Annex spinout was Coller Capital’s eighth such transaction and Dresdner’s first such deal. Coller’s 2001 deal for Lucent Technolgies’ New Ventures Group was similar, with New Ventures Partners spinning out to manage the portfolio independently. Similarly, last year, private equity firm HarbourVest Partners sealed a deal with UBS for a significant share of its private equity portfolio. The two firms formed a joint venture, Tresser, to acquire the partnerships. The commitments that UBS made in the portfolio total $1.3 billion.