Vision Sees ‘Satisfactory’ Exit

London-based secondary portfolio specialist Vision Capital sold Avebury Taverns to Punch Taverns for a reported $382 million.

Vision CEO Julian Mash declined to confirm the selling price of the company, but says the firm’s return on the investment was “very satisfactory.” Avebury was single largest investment in a five-company secondary buyout portfolio that Vision purchased last year. Though this exit was made in just over a year, Mash says that the average holding time for a portfolio company for Vision is between three and five years.

Vision acquired the investment portfolio from the CS Structured Credit Fund. The deal was secondary buyout deal for a direct portfolio of companies, a kind of transaction that Vision and others call “synthetic secondaries.”