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Veronis Suhler Stevenson mulls options for third fund

16 Jan 2014

dollar moneyInvestment firm Veronis Suhler Stevenson (VSS) is reportedly considering options for its fourth buyout fund, which is running out of callable capital.

The fund was closed with commitments of $1.3bn in 2005 and currently still holds 16 companies, having made only four exits.

Veronis has until the end of the first quarter to call a small amount of $20m to $30m of VSS Communications Partners IV and will be out of callable capital after that, said PeHUB, citing sources.

VSS Fund IV has two years left in its ten-year fund life with two one-year extensions, which gives it four years to sell the remaining portfolio companies.

“How do you support 16 portfolio companies when you have no money? [Veronis] potentially has another four years which is a lot of time,” said a GP, according to the report.

The firm has held informal talks about a potential secondary sale of the portfolio, but it has yet to make a decision, said the sources. It is still considering a secondary for its $1bn 1999-vintage third fund, but it is not currently in talks.

VSS founding partner John Suhler retired a year ago after more than 30 years with the firm.

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