O’Melveny Represents Coller Capital in the Acquisition of Private Equity Assets from Lloyds Banking Group plc by a Fund Financed by Coller International Partners VIAugust 15, 2012
FOR IMMEDIATE RELEASE
LONDON, UK─AUGUST 15, 2012─O’Melveny & Myers LLP advised long-term client Coller Capital on the approximately £1.03 billion acquisition by a fund financed by Coller International Partners VI (CIP VI) of a portfolio of private equity-related investments, as well as the transfer of £220 million of undrawn commitments, from Lloyds Banking Group plc. This transaction is believed to be the largest unsyndicated secondaries deal ever completed. O'Melveny's London-based team was led by partner Solomon Wifa.
Previously, in July 2012, O’Melveny advised Coller Capital on its successful fund-raising for CIP VI. The fund raised US$5.5 billion, which makes it the second largest secondaries fundraising ever. This complex matter was handled by a global O’Melveny team of lawyers in London, the US, and Asia, and led by London partner John Daghlian and counsel Daniel Quinn.
O’Melveny also advised CIP VI on a number of significant transactions between first and final closing, including its agreement with Crédit Agricole S.A. for Coller’s acquisition of the bank’s private equity manager, Crédit Agricole Private Equity (CAPE), together with substantially all of Crédit Agricole’s remaining investments in the funds managed by CAPE. That transaction was announced on December 16, 2011, and was completed in the March 2012.
About O’Melveny & Myers LLP
With approximately 800 lawyers in 15 offices worldwide, O’Melveny & Myers LLP helps industry leaders across a broad array of sectors manage the complex challenges of succeeding in the global economy. O’Melveny’s London office is recognised for its strength in private equity, and has been ranked in Chambers and Partners’ “UK Investment Funds” category since 2006. We are a values-driven law firm, guided by the principles of excellence, leadership, and citizenship. Our commitment to these values is reflected in our dedication to improving access to justice through pro bono work and championing initiatives that increase the diversity of the legal profession. For more information, please visit www.omm.com.
The following press release was distributed by Lloyds Banking Group:
Lloyds Banking Group announces sale of interest in a portfolio of private equity investments
15 August 2012
Lloyds Banking Group plc (the Group) announces today that it has agreed the sale of a portfolio of private equity-related investments with gross assets of approximately £1,050 million and the transfer of undrawn commitments which are expected to be £220 million at completion (the Portfolio) to a fund (PE1 LP) financed by Coller International Partners VI for a cash consideration of approximately £1,030 million. After the reversal of the related available-for-sale reserve, the transaction is expected to result in a pre-tax gain for the Group. Following the sale, the Group will continue to manage the fund in return for a management fee, which is likely to be less than £10 million per annum. The sale proceeds will be used for general corporate purposes.
The Portfolio generated losses of £40 million in the year to 31 December 2011. This transaction is in line with the Group's strategy of de-risking its balance sheet and reducing its non-core assets.
The transaction is subject to certain conditions, including obtaining the approval of the relevant general partners, and is expected to complete in the fourth quarter of 2012.
Notes: Figures may vary depending on drawdowns, distributions, valuation adjustments and exchange rate movements until closing.