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Bear Stearns Private Equity completes acquisition of Macquarie Private Capital

Bear Stearns Private Equity, a London-listed closed-ended investment company, has completed the acquisition of another listed private equity fund, Macquarie Private Capital Group, first an

Bear Stearns Private Equity, a London-listed closed-ended investment company, has completed the acquisition of another listed private equity fund, Macquarie Private Capital Group, first announced in February, for AUD113.9m.

The acquisition price represents a slight reduction from the initially announced figure of AUD116.5m, down to exchange rate movements. Around AUD106.5m (USD100.7m) will be payable to Macquarie Private Capital security-holders in cash on June 16, with the balance paid through a special distribution.

Bear Stearns Private Equity is a company registered and incorporated in Guernsey that seeks to achieve both short and long-term capital appreciation by investing in a diversified portfolio of private equity fund interests and by capitalising on the inefficiencies of the secondary private equity market.

At the end of March, the company’s investment portfolio consisted of 100 separate fund investments with exposure to more than 1,000 companies in 35 countries across Europe, Asia and North America. The Macquarie acquisition is its first direct investment in Australia.
 
Macquarie Private Capital is an Australian Stock Exchange-listed private equity firm that invests in a broad range of unlisted companies and assets, primarily through funds managed by specialist private equity managers including Quadrant Private Equity, Catalyst, Archer Capital, Blackstone, Carlyle, Ironbridge and Pacific Equity Partners.

It has invested across a range of sectors including venture, expansion and buy-out capital, infrastructure, property and commodities. The fund is managed by Macquarie Investment Management.

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