Paul Capital, a secondary private equity firm, has acquired an interest in a portfolio of private equity assets managed by credit and distressed-focused hedge fund group Cognis Capital, in a transaction worth around €70 million.
The deal covers 20 assets across a diverse range of industry sectors, most of which are European. The Paul Capital investment, made through newly-formed vehicle Ffenics I Fund, will also provide follow-on capital to the existing investments.
This transaction provides liquidity to investors but also grants them the option to roll over their investment into the new fund.
“Cognis has built a promising