SVG Continues Third-Party Investment Push With CCMP FundTom Beardsworth
SVG Capital Plc, the biggest investor historically in private-equity firm Permira Advisers LLP, continued its third-party investment strategy with a commitment to a fund being raised by CCMP Capital Advisors LLC.
SVG will commit $150 million to New York-based CCMP’s third fund, it said in a statement today. The fund will focus on mid-market buyouts and capital investments in the U.S. and Europe. London-based SVG has also made commitments to funds managed by Clayton, Dubilier & Rice as well as Cinven Ltd.
“We remain positive on the long-term outlook for private equity, albeit we are cautious about pricing and leverage levels in certain areas of the market currently,” Chief Executive Officer Lynn Fordham said in the statement.
Since the end of June, SVG has made co-investments in TeamViewer and Visma, managed by Permira and Cinven, respectively, according to the statement. In the first half, performance was driven by “larger investments, in particular Freescale and Hugo Boss,” it said.
The investment portfolio delivered a 3.4 percent total return in the first half compared with 19 percent a year earlier. Investment returns have been negatively impacted by foreign exchange factors, the company said.
The company made 92.5 million pounds ($155 million) of distributions in the first half compared with 65.2 million pounds a year earlier. Investment increased to 78.6 million pounds from 22.1 million pounds a year earlier.