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Citigroup eyes secondary sale of CVCI fund stakes

8 Jan 2014

Financial services firm Citigroup could sell a $1bn portfolio of private equity fund stakes as it continues to shed illiquid assets, according to Bloomberg.

The stakes are managed by emerging markets investment unit Citi Venture Capital International (CVCI), which it divested to hedge fund Rohatyn Group last year. The deal would see Rohatyn provide LPs with the option to sell fund stakes in 2005 and 2007-vintage vehicles, yielding capital for new dealmaking, the report said.

Citigroup has already significantly reduced its alternatives activities in the face of new regulation. In October 2010, Lexington Partners and Stepstone Group acquired a sizeable portfolio of private equity fund stakes, including funds of funds, mezzanine funds and co-investment funds.

In June 2011, AXA Private Equity bought a $1.7bn sheaf of private equity assets from the bank in one of the largest secondary transactions of all time.

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