Argan Capital in talks to sell stakes in 2006 fund


euros_lrgEuropean private equity firm Argan Capital is reportedly seeking buyers for stakes in its €425m fund.

Argan, which is a former unit of Bank of America, hired Credit Suisse to find new investors to replace existing ones in the 2006-vintage fund, said Bloomberg, citing three people with knowledge of the matter.

Existing investors in the fund will be able to sell at a valuation set by new investors or roll over their commitments, said the report.

A deal would enable the firm to extend the fund by three years beyond its 2016 end date and potentially provide new capital for future deals.

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