AlpInvest Partners and HarbourVest Partners have helped One Equity Partners raise $1 billion for a new continuation fund for two of its portfolio companies – construction parts distributor USCO and laboratory glassware maker DWK Life Sciences – according to a report by Bloomberg.
The report cites a statement made by One Equity Partners as revealing that the portfolio companies will use the funds for acquisitions and growth opportunities. The new fund is co-led by Carlyle Group Inc’s private equity unit AlpInvest and HarbourVest.
Continuation, or secondary funds, allow long-time investors to access some liquidity while bringing in new investors to reap the benefit of a high-performing assets. One Equity, which spun out from JPMorgan Chase & Co, began raising money for this fund last year.
