Coller Capital buys £1bn of private equity assets from Lloyds
Thursday 16 August 2012
Lloyds Banking Group yesterday sold £1bn of private-equity investments to Coller Capital, the major player in secondary private-equity deals run by Jeremy Coller.
The deal is part of Lloyds' ongoing strategy of de-risking its balance sheet and getting rid of assets which it does not consider mainstream.
The sale takes the total value of disposals of non-core assets by the bank, which is 40 per cent owned by the taxpayer, to more than £77bn over the past two years.
Lloyds, headed by chief executive Antonio Horta-Osorio, has targeted at least another £47bn of such sales by the end of 2014.
Unlike an earlier £332m deal with Mr Coller, which involved direct stakes in companies ranging from the shirt maker TM Lewin to the Vue cinemas chain, yesterday's sale is of 71 investments in a wide range of third-party private-equity and mezzanine finance funds. Like the earlier deal it is a legacy portfolio from Bank of Scotland, which came when Lloyds took over HBOS.
Mr Coller is paying virtually book value for the portfolio and will also take on £220m of undrawn commitments to the various funds.
Lloyds will receive almost 100p in the pound for the portfolio, which is considerably more than for some of its other non-core assets sales where, for example, poorly performing properties have been sold at half their book value.
Vegan who keeps out of the limelight
Specialising in the so-called secondaries market – buying assets from other investors and private equity firms – has helped Jeremy Coller keep out of the limelight.
Within the industry, however, he is considered one of the most influencial people in private equity and The Sunday Times Rich List estimates he's worth £142m.
A vegan, who refuses to wear silk or leather, he also backs London Business School's Coller Institute of Private Equity.
South Korea ferry passengers who were told to stay put 'got trapped' aboard sinking ship
Are beards attractive? Ryan Gosling says yes, but science says no. Take the A-list facial hair challenge and find out who's right
Oscar Pistorius trial: Defence witness 'unqualified' to testify
Andre Johnson: Wu-Tang Clan-discovered rapper severed his penis and jumped from LA building
Oscar Pistorius trial: Defence witness contradicts athlete's version in new blow for defence team
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Nigel Farage on Have I Got News For You: Ukip leader ridiculed over expenses and party 'fruitcakes'
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
- 1 Poveglia: 'World's most haunted island' up for sale...is anyone brave enough to buy it?
- 2 Babies cry at night to stop mothers procreating, scientists claim
- 3 24 people applied for the 'world's toughest job', here are their interviews
- 4 Andre Johnson: Wu-Tang Clan-discovered rapper severed his penis and jumped from LA building
- 5 Mrs Doubtfire 2: Robin Williams set to star in sequel to 1993 comedy
iJobs Money & Business
£150.00 per week: QA Apprenticeships: This company has been providing on site ...
£221.25 per week: QA Apprenticeships: This company is a well established Inter...
£40000 - £50000 per annum: Harrington Starr: Client Relationship Manager - SQL...
£35000 - £50000 per annum: Pro-Recruitment Group: Take your chance to join the...