Blackstone Inc and Neuberger Berman Group LLC have committed at least $600m to a continuation vehicle launched by Trilantic Capital Partners, according to a report by Bloomberg citing people familiar with the matter.
Trilantic Capital Partners VI, the firm’s 2017 North America fund, has reportedly been moved to the continuation vehicle, after approval was granted by the firm’s LP advisory committee. The investment breaks down with Blackstone’s Strategic Partners affiliate contributing $400m and Neuberger Berman adding $200m.
The entry is a roughly 40% discount to net asset value for the assets being moved into the new fund, more than the 30% discount that was offered to buyers earlier in the process. Trilantic is hoping to raise $1bn for the fund.
Since launching the process earlier this year, Trilantic has exited energy transition platform Intersect Power and sold down part of its stake in cloud services business Tercera, as well as writing off its investment in Powin after the energy storage company entered bankruptcy.
