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Latest updates and press releases

Hollyport Secondary Opportunities VI $500m Final Close

October 2017
Hollyport Capital is pleased to announce the final close of its sixth fund, Hollyport Secondary Opportunities VI (“Hollyport VI”). Hollyport VI was launched earlier this year with an initial target of $400m, and has now closed at its hard cap of $500m.

John Carter, Chief Executive of Hollyport Capital, commented: “We are delighted to have achieved a final close of Hollyport VI eight months after launch. We have received strong support from existing investors, and are also delighted to welcome a significant number of multi-national institutional investors for whom Hollyport VI represents their first commitment to Hollyport funds.

The private equity secondary market continues to grow, with an increasing number of vendors taking advantage of buoyant markets to rationalise their private equity portfolios. Utilising the secondary market to optimise private equity allocations and divest of non-core or sub-scale assets is now a fully accepted element of institutional portfolio management. Both general partners and limited partners are increasingly recognising the need to provide liquidity solutions for assets at or beyond their original term, and this is expected to increase volumes in the market.

We have strengthened the team significantly over 2017 with six new hires, substantially increasing our transactional capabilities in advance of the deployment of this new fund.

Hollyport will continue to pursue its tightly focused investment strategy, which has been consistent across all of our funds, to identify opportunities which offer attractive returns. We have already completed a number of investments in Hollyport VI, and expect to maintain a healthy investment pace for the remainder of the year”.

Hollyport Secondary Opportunities V £187.5m Final Close

November 2015
Hollyport Capital is pleased to announce the final close of its fifth fund, Hollyport Secondary Opportunities V (“Hollyport V”). Hollyport V was launched in June this year with an initial target of £150m, and has now closed at its hard cap of £187.5m.

John Carter, Chief Executive of Hollyport Capital, commented: “We are delighted to have achieved a final close of Hollyport V within 5 months of launch. We have received exceptionally strong support from existing investors, and are also pleased to welcome a number of established institutional investors for whom Hollyport V represents their first commitment to Hollyport funds.

Private equity secondary market transaction volume remains robust, and we are seeing a significant number of vendors taking advantage of buoyant markets to rationalise their private equity portfolios. We have a strong pipeline of investment opportunities, and have recently expanded the team to accommodate this increase in deal volume. Since 31 December 2014, Hollyport has deployed over £80m of investor’s capital across 13 transactions. We believe that Hollyport’s tightly focused investment strategy, which has been consistent across all of our funds, will enable us to continue to identify opportunities which offer attractive returns. We expect to complete a number of investments in Hollyport V before the end of the year”.

Like its predecessors, Hollyport V will acquire parcels of mature private equity fund interests, often beyond their original term, from investors who have already received the substantial majority of the value that these investments will generate.

Hollyport Secondary Opportunities V £125m First Close

August 2015
Hollyport Capital is pleased to announce the first close of its fifth fund, Hollyport Secondary Opportunities V (“Hollyport V”). Hollyport V was launched in June this year with a target of £150m. At first close on 31 July it has received commitments of £125m from a combination of existing and new investors, including Institutions, Family Offices, Endowments and Sophisticated High Net Worth Individuals.

John Carter, Chief Executive of Hollyport Capital, commented: “Since our first fund in 2007, we have followed a consistent and distinctive investment philosophy across all of our secondary funds. We are delighted to have been able to hold a first close of Hollyport V within 2 months of launch, and it is gratifying to have received the support of so many of our previous investors. In addition we are delighted to welcome a number of new investors for whom Hollyport V represents their first commitment to Hollyport funds. The current environment is providing us with a strong pipeline of investment opportunities, and we expect to be making the first investments in Hollyport V later this year”.

Like its predecessors, Hollyport V will acquire parcels of mature private equity fund interests, often beyond their original term, from investors who have already received the substantial majority of the value that these investments will generate. A final close of Hollyport V is expected later in 2015.

Hollyport Capital Expands Team

January 2015
Hollyport welcomes two new associates to its investment team. Nicholas Richards and Richard Grindrod joined the firm in January 2015, and will assist in the review and evaluation of portfolios of legacy private equity assets as increasing numbers of private equity investors seek liquidity in the secondary market.

Prior to joining Hollyport, Nicholas was a member of the M&A advisory team at Deloitte, with a specific focus on corporate taxation. He provided due diligence and transaction structuring services for private equity firms, infrastructure funds and investment banks on a range of transactions. Nicholas holds a Masters degree in English Literature from Oxford University and a Bachelor of Laws from The College of Law.

Richard began his career in the Banking and Capital Markets audit and assurance department at PwC, where he qualified as an ACA. Subsequently, Richard joined the Transaction Services department at PwC, focused on Financial Services transactions. He advised both private equity and corporate clients on a number of transactions. Richard graduated from Newcastle University with a 1st Class Honours in BA Business, Accounting and Finance (a collaboration between PwC, Newcastle University and the ICAEW). His degree included three, four month work placements at PwC.

Hollyport looks forward to both Richard and Nicholas contributing to the further growth of the business.

Hollyport Capital realises a 60 times return from the sale of Sauflon Pharmaceuticals

July 2014
Hollyport Capital (“Hollyport”) is pleased to announce the sale of a significant minority stake in Sauflon Pharmaceuticals (“Sauflon”) to CooperVision in a transaction valued at approximately $1.2bn. As a result, Hollyport will realise a return of over 60 times initial investment, an IRR in excess of 80%.

Sauflon is a specialist manufacturer of contact lenses, with annual sales in excess of £100m. Based in London, it has three state-of-the-art manufacturing plants, sales offices in over 10 countries, and products sold in over 50 countries. The company was founded in 1985 as a manufacturer of contact lens cleaning solutions. In 1991, Quester Capital Partners (“Quester”) provided expansion capital to the business, taking a minority equity stake. In the following years Sauflon continued to expand across Europe, and in 2003 began to manufacture its own range of contact lenses. By 2007, the main limited partnerships through which Quester had invested in Sauflon were beyond the end of their intended life, the only remaining asset being the investment in Sauflon itself. At this time Sauflon was in the final stages of developing a new range of Silicon Hydrogel contact lenses, and required additional capital to expand production facilities. Both Quester and the management shareholders recognised the potential of the business, but faced the problem of raising additional capital while addressing diverging shareholder objectives.

Hollyport proposed a novel solution by forming a dedicated vehicle to acquire the interest in Sauflon held by the Quester funds. The Quester fund investors were offered the option of either taking cash, or rolling over into the new vehicle. Hollyport raised, from its clients, the capital required to buy out the exiting Quester fund investors. Hollyport also arranged a new £5m mezzanine loan for the company provided by Bond Capital Partners to finance new production facilities.

In the seven years since Hollyport invested, Sauflon has established and expanded new production facilities in Hungary and launched a full suite of Silicon Hydrogel contact lenses, increasing turnover at a compound rate of 20% per annum. The transaction will give CooperVision the world’s most comprehensive portfolio of daily disposable lenses. The acquisition is subject to approval by the German competition authorities. John Carter, chief executive of Hollyport, commented “Sauflon is a great example of a dynamic business succeeding in global markets through leading edge product design. The evolution of Sauflon illustrates the difficulties sometimes experienced in achieving long term business growth plans within the constraints of fixed life private equity fund structures. We were able to use our experience as a specialist secondary investor to customise an approach which offered both liquidity for original investors whilst also allowing the option of ongoing equity participation. Addressing and resolving these shareholder issues facilitated the continued rapid growth of the business, maximising value for all stakeholders.”

Hollyport Secondary Opportunities IV £75m Final Close

December 2013
Hollyport Capital is pleased to announce the final close of its fourth fund, Hollyport Secondary Opportunities IV (“Hollyport IV”). Hollyport IV was launched in February with an initial target of £50m, and has now closed at its hard cap of £75m.

John Carter, Chief Executive of Hollyport Capital, commented: “We are delighted to have achieved a final close of Hollyport IV at its hard cap limit within 10 months of launch. We have received exceptionally strong support from existing investors, and are delighted to welcome a number of established institutional investors for whom Hollyport IV represents their first commitment to Hollyport funds.

The private equity secondary market is attracting substantial new commitments from investors, and this volume of capital will inevitably increase competition between secondary firms. We believe that Hollyport’s tightly focused investment strategy, which has been followed consistently across all of our previous funds, will enable us to continue to identify opportunities which offer attractive returns. We are experiencing a strong pipeline of investment opportunities which meet our investment criteria, and expect to complete a number of investments in Hollyport IV before the end of the year”.

Like its predecessors, Hollyport IV will invest in small parcels of mature and orphaned private equity fund interests, a strategy that has consistently generated attractive returns.

Hollyport Secondary Opportunities IV £32m First Close

July 2013
Hollyport Capital is pleased to announce the first close of its fourth fund, Hollyport Secondary Opportunities IV (“Hollyport IV”). Hollyport IV was launched in February this year with a target of £50m. At first close it has received commitments of £32m from a combination of existing and new investors.

John Carter, Chief Executive of Hollyport Capital, commented: “Since our first fund in 2007, we have followed a consistent and distinctive investment philosophy across all of our secondary funds. We are delighted to have been able to hold a first close of Hollyport IV within 5 months of launch, and it is gratifying to have received the support of so many of our previous investors. In addition we are delighted to welcome so many new investors for whom Hollyport IV represents their first commitment to Hollyport funds. The current environment is providing us with a strong pipeline of investment opportunities, and we expect to be making the first investments in Hollyport IV later this year”.

Like its predecessors, Hollyport IV will invest in small parcels of mature and orphaned private equity fund interests, a strategy that has consistently generated attractive returns. A final close is expected later in 2013.

Hollyport Secondary Opportunities III £30m Final Close

July 2011
Hollyport Capital is pleased to announce the final close of its third fund, Hollyport Secondary Opportunities III (“Hollyport III”) at its hard cap of £30m. Hollyport III held a first close in December 2010, and has in total attracted a threefold increase in the number of investors compared to its predecessor fund.

John Carter, Chief Executive of Hollyport Capital, commented: “We seek to implement a clear, distinctive investment philosophy in our secondary funds, and it is gratifying to have received the support in Hollyport III of all our previous investors. In addition we are delighted to welcome so many new investors for whom Hollyport III represents their first commitment to Hollyport funds. The current environment is providing us with a strong pipeline of investment opportunities, as evidenced by the five investments we have already completed since the fund’s first close in December 2010”.

Like its predecessors, Hollyport III will invest in small parcels of mature and orphaned private equity fund interests, a strategy that has consistently generated attractive returns. Hollyport III has already completed 5 investments, in line with the objective of being fully invested within its 3 year investment period.