UniCredit Bank AG has initiated the sale of part of its private equity portfolio to the SwanCap Opportunities Fund SCS-SIF (“SwanCap”), managed by SwanCap Investment Management SA, a newly incorporated investment company with registered office in Luxembourg. The relevant assets, collected over the last twelve years, include high quality securities with a high degree of diversification. All units of the fund, which is advised by the company SwanCap Partners GmbH with registered office in Germany, also newly incorporated, have already been placed with important international investors.
The UniCredit Bank AG employees who managed the divesting portfolio have been transferred to the new companies based in Luxembourg and Germany, where they will continue to manage the portfolio on behalf of the acquiring investors. The new entity will also be entrusted with the management of the private equity investments that will remain within UniCredit Bank AG, which will continue to hold a stake in the investment consultancy company as a minority shareholder. The transaction was structured thanks to the close collaboration between UniCredit Bank AG and SwanCap Partners and the team of AlpInvest Partners B:V (“Alpinvest”), a company of the Carlyle Group.
The divestment will result in a reduction of the risk-weighted assets held by UniCredit Bank AG, anticipating the regulatory changes expected in the sector. Andreas Bohn, Board Director Corporate & Investment Banking at UniCredit Bank AG, said: “The transfer of the portfolio to SwanCap will offer a number of benefits for both our clients and the Bank, as it allows us to further optimize the overall capital structure. of the Group, while guaranteeing our customers that the fund will continue to be managed and administered with the usual professionalism and competence, given that the personnel assigned to it at UniCredit will follow the fund in its new destination. The values up until now and the relationships established with customers will therefore not undergo changes, also in the interest of the UniCredit Group”.
