Vision Capital has acquired the entire investment portfolio of CS Structured Credit Fund for an undisclosed sum. The portfolio companies are being acquired by a new investment partnership with £100m of committed capital managed by Vision capital. The lead investors in the partnership are Goldman Sachs GS Vintage Funds and funds managed by Landmark Partners. A small number of other investors will also commit capital to the new partnership.
Vision Capital was set up in 1997 and specializes in secondary direct portfolio acquisitions from private equity firms and their investors. This transaction demonstrates the group’s commitment to acquiring these portfolios following its acquisition of a portfolio from Morgan Grenfell Private Equity in 2003.
The five investments in the portfolio include controlling stakes in Avebury Taverns, which owns over 700 UK tenanted pubs; the Elegant Hotels Group as well as interests in Cabot financial, alongside Barclays Private Equity; RoadChef, a leading operator of motorway service areas in the UK and Resource Partners Group, a finance company for providers of services to the UK public sector.
Julian Mash, Vision Capital chief executive, said: “The conclusion of this deal, following last year’s portfolio transaction with Morgan Grenfell Private Equity confirms our leading position as a buyer of secondary direct portfolios. We are looking forward to working with management to fulfil the potential of these companies.”