National Pensions Reserve Fund Sells Portfolio of Global Private Equity Interests to Lexington Partners
22 Jan 2014
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January 22, 2014
The National Pensions Reserve Fund (NPRF) of Ireland today announced that, following a competitive sales process, it has agreed to sell approximately €800 million of global private equity fund interests to Lexington Partners, a leading global secondaries private equity specialist.
The interests sold comprise investments in and commitments to 24 separate private equity funds. The commercial terms of the sale were not disclosed and the transaction is expected to complete in the coming months.
The sale, which was initiated in September 2013, was undertaken in the context of generating liquidity to facilitate the NPRF’s transition into the Ireland Strategic Investment Fund, whereby its €6.8 billion of assets are to be made available for investment on a commercial basis to support economic activity and employment in Ireland.
About the National Pensions Reserve Fund
The NPRF was established in 2001 to meet as much as possible of the costs of Ireland’s social welfare and public service pensions from 2025 onwards. In June 2013 the Irish Government announced its intention to refocus the NPRF’s global portfolio towards commercial investment in Ireland as the Ireland Strategic Investment Fund. The private equity commitments sold to Lexington Partners were made under the NPRF’s original investment mandate.
