French venture capital firm Seventure Partners has completed the restructuring of its legacy holdings into a new vehicle ahead of the liquidation of its retail and institutional funds of vintage 2000, 2001 and 2002.
Several funds under its management have sold all of their minority shareholdings within five companies to a newly formed vehicle, Chopin Invest, which is sponsored by Greenpark Capital, a London-based secondary fund.
Seventure Partners will act as the general partner of Chopin Invest.
RainMakers Private Equity served as Seventure’s sole financial adviser.
All shareholding interests owned by FCPI BP Innovation 4, 5, 6, 7, 8 and 9, as well as FCPR SPEF e-Fund within Netasq, Opti-Time, QuesCom, Scaleo Chip and W4 have been divested.
Valérie Gombart, Seventure Partners’ managing partner and head of the ICT department says: “It was mandatory for us to succeed in our secondary transaction, since some of our FCPIs will be fully liquidated by end of 2010 and paid back to our retail customers. I am delighted that we have managed to close this transaction despite very poor market conditions. I see the outcome as a win-win-win situation: liquidity for our original investors; no disruptive changes to the boards of our portfolio companies; and Seventure’s team deep knowledge of the portfolio companies that will benefit our new partner Greenpark Capital from day one.”
Jim Soleymanlou from RainMakers Private Equity adds: “These are complex transactions with a great level of difficulty in execution, but when done right, it creates value for all parties around the table.”