We are pleased to communicate that Project Lego – Liquidity Offering reached its final closing on 10 August 2016.
With the completion of the transaction in less than six months from its first closing, all Limited Partners who elected to sell their stakes in the Fund have achieved a full exit from the Fund allowing investors to generate liquidity in an illiquid product.
The total transaction size reached c.€808m (by original commitments) or 37% of the original Fund. New Limited Partners now hold c.30% of the Fund, while existing Limited Partners acquired cumulatively an additional c.7% interest.
Project Lego is the largest transaction of this nature in the infrastructure asset class to date and one of the largest in the wider private capital sector. The time to complete the transaction and the high quality of the new group of Limited Partners entering into the Fund not only provide evidence for the strength of the assets of the Fund but also for the quality of the Arcus investment and management teams.
The investors who acquired interests in the Fund comprise a selected number of European and North America based organisations representing private and public pension funds, large proprietary asset managers and third party gatekeepers. All new investors in the Fund agreed to support the Fund and the Arcus team for the long term.
Campbell Lutyens and Clifford Chance acted as financial and legal advisers respectively for Project Lego.
If you have any queries, please do not hesitate to contact either:
Francesco Nale (Francesco.Nale@arcusip.com; +44 207 832 3408),
Stephan Grillmaier (Stephan.Grillmaier@arcusip.com; +44 207832 3415)
or Elena Cataldo (Elena.Cataldo@arcusip.com; +44 20 7832 3407).
This information note (“Note”) has been prepared by Arcus European Investment Manager LLP (“Arcus”) for use solely for information purposes. Arcus makes no representations or warranties to the accuracy or completeness of any past, simulated or estimated performance results contain herein, and further nothing contained herein shall be relied upon as a promise by, or representation by, Arcus whether as to past or future performance results.