Wells Fargo & Company has sold approximately $2bn in private equity investments in certain Norwest Equity Partners (NEP) and Norwest Mezzanine Partners (NMP) funds to a group of leading investors, including AlpInvest Partners (a subsidiary of Carlyle), Atalaya Capital Management, Lexington Partners, and Pantheon.
Wells Fargo was previously the sole institutional limited partner in the funds.
According to Wells Fargo Chief Financial Officer Mike Santomassimo, the sale is part of the bank’s “strategic efforts to focus on Wells Fargo’s core businesses and customers”.
Lazard Ltd served as financial advisor to Wells Fargo in connection with the transaction.
Separately, Wells Fargo will continue its relationship and investments with Norwest Venture Partners, a venture capital and growth equity investment firm.
