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SVG Capital

SVG Capital (LSE: SVI) was a leading British private equity and investment management business. Headquartered in London, it was listed on the London Stock Exchange.

SVG Capital
Company typePublic (LSE: SVI)
IndustryPrivate Equity
Investment Management
Founded1996
Defunct2017 (2017)
HeadquartersLondon, United Kingdom
Key people
Andrew Sykes, Chairman
Lynn Fordham, CEO Non-Executive Directors – Simon Bax, Stephen Duckett, Helen Mahy David Robins, Senior Independent Director
Revenue£4.6 million (2016)[1]
£(12.5) million (2016)[1]
£(16.1) million (2016)[1]
Websitewww.svgcapital.com (archived)

History

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The business was established in 1996 to acquire the private equity interests of Schroder Venture Group ('SVG'). It was first listed on the London Stock Exchange in the same year.[2]

In May 2008, SVG Capital announced the sale of £102 million of limited partnership interests in six private equity funds to Lexington Partners and SVG's collateralized fund obligation vehicle, SVG Diamond.[3]

In October 2012, SVG Capital suffered a temporary downfall with its Hugo Boss shares taking a tumble of 12%.[4]

In February 2013, SVG Capital sold 50.1% of SVG Advisers to Aberdeen Asset Management for £17.5 million.[5][6] In August 2013, SVG Capital sold SVG Investment Managers to the Swiss investment company Hansa AG, without revealing the details of the deal.[7][8]

In September 2016, trying to avert the hostile take-over by HarbourVest Partners,[9] SVG Capital, holding out for a more advantageous offer,[10] rejected an offer from Pomona Capital and Pantheon Ventures for half of its portfolio in favor of an offer by Goldman Sachs Capital Partners and Canada Pension Plan.[11] In October 2016, having received a more favorable offer from them, the company agreed to sell its portfolio to HarbourVest for £807 million.[12]

In April 2015, SVG Capital's stake in the joint venture vehicle Aberdeen SVG Private Equity Managers, was acquired by their joint venture partner Aberdeen Asset Management for the sum of £29m.[13][14]

In April 2017, the company announced that it would appoint a liquidator to manage the final distribution to shareholders.[15] It was announced that SVG Capital would wind up on 29 June 2017 subject to a vote.[16]

Investments

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SVG Private Equity utilised collateralised fund obligation securitizations as part of its "Diamond" program, SVG Diamond (2004), SVG Diamond II (2006) and SVG Diamond III (2007) in order to raise capital for its private equity investments.[17]

SVG Private Equity had significant investments in private equity funds managed by Permira, which comprised over half of the firm's portfolio by value.[18]

References

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  1. ^ a b c "Annual Report for the period ended 9 December 2016" (PDF). SVG Capital. Retrieved 28 April 2017.[dead link]
  2. ^ "Profile: Ferguson lands in another hot seat". Financial Times. Retrieved 3 April 2015.
  3. ^ "SVG Capital PLC – Bond launch & sale of assets". Reuters. 8 May 2008. Archived from the original on 2 February 2009. Retrieved 21 September 2022.
  4. ^ "SVG Capital is dented after Hugo Boss shares take a dive". Evening Standard. 22 October 2012. Retrieved 26 May 2024.
  5. ^ "Aberdeen buys Artio Global, stake in SVG Advisers". Reuters. 14 February 2013. Retrieved 5 October 2023.
  6. ^ "Aberdeen acquires SVG Advisers stake". Private Equity Wire. 3 June 2013. Retrieved 5 October 2023.
  7. ^ "SVG bought out by Swiss investor". www.ftadviser.com. Retrieved 26 May 2024.
  8. ^ "SVG Capital to sell investment managers firm to Hansa AG". The Irish Times. Retrieved 26 May 2024.
  9. ^ Dunkley, Daniel (6 October 2023). "Fund moves to stop US raider". ISSN 0140-0460. Retrieved 6 October 2023.
  10. ^ "HarbourVest/SVG: a private affair". Financial Times. 16 September 2016. Retrieved 6 October 2023.
  11. ^ Fedor, Lauren (6 October 2016). "SVG backs last-minute bid from Goldman and Canada Pension Plan". Financial Times. Retrieved 6 October 2023.
  12. ^ "PE firm SVG Capital to sell investment portfolio to HarbourVest". Reuters. 10 October 2016. Retrieved 28 January 2017.
  13. ^ "Aberdeen buys out stake in private equity vehicle". FT Advisor. 1 April 2015. Retrieved 8 October 2023.
  14. ^ Baker, Sophie (27 March 2015). "Aberdeen acquires remaining 49.9% stake in SVG Capital". Pensions & Investments. Retrieved 8 October 2023.
  15. ^ "SVG Capital To Appoint Liquidator For Final Shareholder Return". TD Direct Investing. 25 April 2017. Retrieved 25 June 2017.[dead link]
  16. ^ Walters, Leonora (15 June 2017). "SVG Capital prepares to wind up this month". Investors Chronicle. Retrieved 12 April 2020.
  17. ^ "SVG Diamond II raises €500m for private equity investment". AltAssets. 28 February 2006. Archived from the original on 2 August 2012. Retrieved 21 September 2022.
  18. ^ "SVG Capital and Permira formalise relationship". Permira – Press Room. March 2005. Archived from the original on 7 March 2007. Retrieved 21 September 2022.
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