Australia's QIC to pick up Swedish PE interests - report
Queensland Investment Corporation (QIC) is reportedly set to buy almost 10% of a EUR1.5 billion ($1.9 billion) portfolio of private equity interests being sold by Swedish insurance group Länsförsäkringar.
Länsförsäkringar is in final talks with potential bidders over what would be one of the largest divestments by a European institution and the largest-ever by a European insurance company, according to Financial News. Abu Dhabi Investment Council is likely to pick up 90% of the portfolio, three sources have claimed.
The portfolio was put on the block in the first quarter of this year at a small discount to its book value. The buyers are expected to pay in excess of EUR1 billion for commitments to funds managed by the likes of Advent International, Altor Equity Partners, Apax Partners, Bain Capital and IK Investment Partners, as well as several co-investment positions.
Campbell Lutyens is advising on the sale, which is thought to have been prompted by Länsförsäkringar's need to generate liquidity in the face of upcoming Solvency II regulations.
Unlike QIC, which was established in 1991, much of the buy-side secondaries activity in Australia and elsewhere in Asia has come from relatively nascent LPs. Using the secondary market seems to have been a particularly good move for those programs trying to gain a degree of backwards vintage year diversification.
Asian LPs who opened up shop six or seven years ago are also among those keen to take advantage of opportunities they missed the first time round.
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