Mark Boyagi, P.C.

Select Secondaries and Other Transactions

• Abry Partners on a continuation fund transaction involving a credit portfolio of ~200 broadly syndicated loans and public and private equity positions, with a gross asset value of ~$1 billion. The deal is the largest known credit continuation fund transaction ever to have closed.
• Blue Owl on an innovative liquidity transaction involving a strip sale of interests in Blue Owl’s third GP stakes fund into a newly formed continuation fund. The deal is the first known GP-led liquidity transaction involving a GP stakes fund.
• Quantum Capital Group on a $1.65 billion alternative liquidity transaction, including a $1.25 billion continuation fund, for its natural gas producer portfolio company HG Energy II
• HarbourVest Partners as the sole lead investor in a $1.1 billion multi-asset continuation fund transaction
• SDC Capital Partners on a $751 million single-asset continuation fund transaction involving its digital infrastructure portfolio company SummitIG
• Riverstone Holdings on a $250 million single-asset continuation fund transaction to acquire its oilfield services portfolio company Abaco
• Quinbrook Infrastructure Partners on the formation of a $600 million single-asset continuation fund to acquire the large scale solar+storage strategy of Quinbrook’s Low Carbon Power Fund
• Stellex Capital Management on a $240 million alternative liquidity transaction, involving the GP-led recapitalization of Fenix Parts, and the formation of an annex fund to invest alongside Stellex’s Fund I
• Global Infrastructure Partners on the sale of its business to BlackRock for a total consideration of $3 billion of cash and approximately 12 million shares of BlackRock common stock
• Alpine Investors on the formation of a $3.4 billion single-asset continuation fund to acquire its portfolio company Apex Partners, in the largest-announced continuation fund transaction of 2023 and named of “2023 Secondaries Deal of the Year” in the U.S. by Private Equity International
• JMI Management on a $722 million multi-fund continuation fund transaction involving the acquisition of stakes in seven high-quality portfolio companies
• Hildred Capital on a $750 million multi-asset continuation fund transaction acquiring two of its consumer-healthcare portfolio companies
• Vance Street Capital on a $418 million alternative liquidity transaction involving the formation of a continuation fund to acquire its portfolio company Jet Parts Engineering
• Sentinel Capital Partners in an approximately $400 million liqudity transaction involving the sale of interests in its portfolio company Mobile Communications America among Sentinel-managed funds, and simultaneous formation of a continuation fund
• A leading private equity firm in the formation of a $550 million single-asset continuation fund to acquire its portfolio company, a provider of customized electrical power solutions and services
• L Catterton on the formation of a $391.6 million single-asset continuation fund to acquire its portfolio company PatientPoint Health Technologies
• Onex Partners on the formation of a $640 million single-asset continuation fund to acquire its portfolio company Ryan LLC
• JMI Management on the sale of a minority interest in its portfolio company Unanet to Onex Corporation and subsequent formation of a continuation fund
• Atlantic Street Capital on the formation of a $1.1 billion single-asset continuation fund to acquire its portfolio company Zips Car Wash
• Wind Point Partners on the recapitalization of its Fund VIII portfolio company STG Logistics and formation of a continuation fund
• Centerbridge on a $1.17 billion liquidity transaction involving a sale of a minority stake in Sevita Health to a third party buyer, and the simultaneous acquisition of the remaining interests in Sevita by a Centerbridge continuation fund
• Warburg Pincus on the formation of a $1.6 billion single-asset continuation fund to acquire an interest in portfolio company Duravant LLC from its fund, Warburg Pincus Private Equity XII LP
• Vance Street Capital on the formation of its second single-asset continuation fund, VSC Extended Value (EV) 2, LP (EV2) – backing its portfolio company Motion Dynamics Corporation (Motion Dynamics)
• Harvest Partners on the formation of a single-asset continuation fund to acquire interests in its Fund VIII portfolio company, Pro Unlimited, alongside a third party buyer
• Harvest Partners on the formation of a single-asset continuation fund to acquire interests in its Fund VIII portfolio company, Neighborly, alongside a third party buyer
• Wind Point Partners on the formation of a single-asset continuation fund to acquire its Wind Point Partners CV1 portfolio company, Ascensus Specialities, alongside a third party buyer
• Vance Street Capital on the formation of its first single-asset continuation fund, VSC Extended Value (EV) 1, LP – backing its portfolio company Micronics Engineered Filtration Group’s acquisition of National Filter Media
• Sterling Partners on the formation of a single-asset continuation fund to acquire its Sterling Venture Partners II LP portfolio company, School of Rock LLC
• Access Holdings on the formation of a single-asset continuation fund to acquire Foundation Partners Group
• Baring Private Equity Asia on the formation of a single-asset continuation fund to acquire EduCo
• Prospect Partners on the formation of a multi-asset continuation fund to acquire the multiple portfolio companies from Prospect Partners II
• A leading international private equity firm on the creation of a novel structured finance product that raised $700 million from various investors in the form of rated notes and equity
• HarbourVest Partners as lead investor in Lime Rock Partners IV AF, L.P., a $1.9 billion acquisition fund which acquired the remaining assets of Lime Rock Partners IV, L.P
• HarbourVest Partners on its $130 million investment in a CLO portfolio managed by CIFC Asset Management
• HarbourVest Partners as lead investor in various LP tender processes
• StepStone Group on its acquisition of the sole limited partner interest in Acre Venture Partners, and the subsequent restructuring and syndication of certain portfolio assets
• StepStone Group as lead investor in the strip sale of the Qumra Capital I portfolio
• Macquarie Asset Management on its acquisition of an LP portfolio
• Fairview Capital Partners in a number of LP portfolio sales

Select Fund Formations

• KKR on the formation of KKR Core Investments Partnership SCSp, a $626 million fund organized to make co-investments in “Core” private equity transactions
• KKR on the formation of a €1.5 billion fund of one organized to make co-investments in “Core” private equity transactions
• KKR on the formation of a €900 million fund of one organized to make co-investments in “Core” private equity transactions
• A leading international asset manager on the fundraising and ongoing administration of its multi-billion dollar open-ended infrastructure fund, including the design and launch of the fund’s revolving currency hedging program
• Global Infrastructure Partners on the formation of GIP Capital Solutions Fund II, a $1.4 billion infrastructure credit fund
• Global Infrastructure Partners on the establishment of GIP Spectrum, a $1.5 billion infrastructure credit platform
• A leading international hedge fund manager on the formation of a $2 billion private equity platform
• A leading international private equity firm on the formation and ongoing administration of a rated open-ended credit fund designed to address risk-based capital charges of insurance company investors