Peugeot Invest sells part of its private equity funds’ interests for €227 million*
As part of the strategic rebalancing of its investment fund portfolio, Peugeot Invest announces the sale on the secondary market of 35 private equity funds, managed by 22 General Partners, to the secondary fund Committed Advisors, for a total consideration of approximately €227 million (€94 million in euro-denominated funds and $149 million in USD-denominated funds). Three quarters of the funds sold were launched in 2019 or earlier.
The transaction also involves the transfer of €68 million in unfunded commitments. The proceeds will be received in three instalments over an 18-month period, with the first payment scheduled at closing, expected by the end of the first half of 2025. The impact of the transaction on Net Asset Value will be non-material.
This secondary transaction is part of Peugeot Invest’s active management of its private equity fund portfolio, which has been built since 2014 and has delivered a double-digit average annual return.
It also reflects a strategic refocus on Peugeot Invest’s priority sectors and geographies. Following completion, the private equity fund portfolio will be 55% exposed to the United States and 30% to Europe. The redeployment of capital will support the rollout of Peugeot Invest’s new investment strategy, focused on minority stakes in public equities and private equity as well as private equity funds.
Jean-Charles Douin, Chief Executive Officer of Peugeot Invest, commented: “Our funds activity has been a key contributor to portfolio performance in recent years. This transaction enables us to focus on the funds that best reflect our strategic direction. It also provides Peugeot Invest with additional financial resources to pursue new investment opportunities with long-term value creation potential over the coming years”.
* based on the current EUR/USD exchange rate