12 August 2019
Clifford Chance advises Three Hills Capital Partners on the establishment of two new funds in a EUR 192 million GP-led secondary transaction
International law firm Clifford Chance advised Three Hills Capital Partners, a leading mid-market capital provider in Europe on the establishment of two new funds, Three Hills Capital Solutions I ("THCS I") and Three Hills Capital Solutions II ("THCS II), in a EUR 192 million GP-led secondary transaction. The new funds, managed by THCP, will acquire a total of seven companies (the ‘Portfolio’) from Three Hills (‘Fund I’) and Three Hills Decalia (‘Fund II’).
The transaction provides THCP significant new capital to support follow on investments and deliver further value accretion in the Portfolio, as well as offering an attractive liquidity option to the existing investors in Fund I and Fund II.
The transaction was led by Idinvest Partners, a leading European institutional investor, with €8 billion under management. THCP received strong support for this transaction from their existing investors, with a large proportion of investors in Fund I and Fund II electing to re-invest into the new funds.
Clifford Chance has been advising THCP for many years. The team advising THCP on this particular transaction was led out of Luxembourg by Kristof Meynaerts, Investment Funds partner assisted by among others Severina Käppeli, associate Investment Funds as well as the team of Katia Gauzès, Corporate partner assisted by associate Corporate Nazim Faïd.