Cebile Capital, a global secondaries advisor and placement agent, has closed a GP-led continuation vehicle process for Edison Partners, a growth capital investor in technology businesses, based in Princeton, NJ. Edison Fund VII, a 2010 vintage, raised USD249 million. Limited Partners in the fund were given the option to roll into the new Continuation Fund or sell their interests. Hollyport Capital led the transaction and was joined by New Mexico Educational Retirement Board and another limited partner in the syndicate, which was four times oversubscribed.
Sunaina Sinha, Managing Partner of Cebile Capital, says: “We are proud to have partnered with one of the leading technology managers in the US, Edison Partners, to extend the duration and provide additional follow-on capital to Fund VII while offering optional liquidity to limited partners. This transaction can serve as a valuable case study to tech GPs, demonstrating that there are liquidity and duration options available to them through GP-led fund secondaries.”
Tom Vander Schaaff, General Partner at Edison, says: “We are delighted to join forces with Hollyport and New Mexico ERB for the next chapter in the journey of the Edison funds. This GP-led process enabled our long-standing limited partners to access liquidity while giving us the opportunity to continue to manage our portfolio companies for optimal value creation. We are grateful to Cebile Capital for its complex advisory and structuring expertise to achieve this milestone.”
Steve Nicholls, Partner at Hollyport Capital, says: “This was a conviction investment for Hollyport that we were able to diligence and see the upside in despite the macro environment. We were able to bring a win-win-win solution to the table for Edison, its limited partners and new investors.”
Cooley served as legal counsel to Edison Partners.
