UK private equity firm Duke Street Capital could sell a stake in itself to French investment firm Tikehau Group as it looks to recapitalise ahead of resurrecting last year’s cancelled fundraise.
Duke Street is in talks to sell a 35 per cent stake for up to €30m according to Bloomberg, which cited two people with knowledge of the talks.
The firm is hoping to launch a new fund this year and will use the capital to kickstart the process after deciding to scrap an $850m fund in February 2012.
A source told AltAssets at the time that the firm would concentrate instead on ‘sidecar’ vehicles of up to €100m for one or two deals at a time, after experiencing low levels of LP demand for the larger fund.
It hired advisory firm Hawkpoint to evaluate its assets earlier this year with a view to allowing LPs to exit their commitments on the secondaries market, the FT said.
It cited three people with knowledge of the fundraise, who highlighted the obvious targets of Coller Capital, Pantheon and HarbourVest as potential bidders for the stakes.
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