Coller Capital buys £1bn of private equity assets from Lloyds

 

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.

Suggested Topics
Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Jemma Gent: Year End Accountant

£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...

Jemma Gent: Management Accountant

£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...

Beverley James: Accounts Payable

£22,000 - £23,000: Beverley James: Are you looking for the opportunity to work...

Beverley James: Accounts Assistant

£30,000: Beverley James: A fantastic opportunity has arisen for a person looki...

Day In a Page

HIV pill: Scientists hail discovery of 'game-changer' that cuts the risk of infection among gay men by 86%

Scientists hail daily pill that protects against HIV infection

Breakthrough in battle against global scourge – but will the NHS pay for it?
How we must adjust our lifestyles to nature: Welcome to the 'Anthropocene', the human epoch

Time to play God

Welcome to the 'Anthropocene', the human epoch where we may need to redefine nature itself
MacGyver returns, but with a difference: Handyman hero of classic 1980s TV series to be recast as a woman

MacGyver returns, but with a difference

Handyman hero of classic 1980s TV series to be recast as a woman
Tunnel renaissance: Why cities are hiding roads down in the ground

Tunnel renaissance

Why cities are hiding roads underground
'Backstreet Boys - Show 'Em What You're Made Of': An affectionate look at five middle-aged men

Boys to men

The Backstreet Boys might be middle-aged, married and have dodgy knees, but a heartfelt documentary reveals they’re not going gently into pop’s good night
Crufts 2015: Should foreign dogs be allowed to compete?

Crufts 2015

Should foreign dogs be allowed to compete?
10 best projectors

How to make your home cinema more cinematic: 10 best projectors

Want to recreate the big-screen experience in your sitting room? IndyBest sizes up gadgets to form your film-watching
Manchester City 1 Barcelona 2 player ratings: Luis Suarez? Lionel Messi? Joe Hart? Who was the star man?

Manchester City vs Barcelona player ratings

Luis Suarez? Lionel Messi? Joe Hart? Who was the star man at the Etihad?
Arsenal vs Monaco: Monaco - the making of Gunners' manager Arsene Wenger

Monaco: the making of Wenger

Jack Pitt-Brooke speaks to former players and learns the Frenchman’s man-management has always been one of his best skills
Cricket World Cup 2015: Chris Gayle - the West Indies' enigma lives up to his reputation

Chris Gayle: The West Indies' enigma

Some said the game's eternal rebel was washed up. As ever, he proved he writes the scripts by producing a blistering World Cup innings
In Ukraine a dark world of hybrid warfare and murky loyalties prevails

In Ukraine a dark world of hybrid warfare

This war in the shadows has been going on since the fall of Mr Yanukovych
'Birdman' and 'Bullets Over Broadway': Homage or plagiarism?

Homage or plagiarism?

'Birdman' shares much DNA with Woody Allen's 'Bullets Over Broadway'
Broadchurch ends as damp squib not even David Tennant can revive

A damp squib not even David Tennant can revive

Broadchurch, Series 2 finale, review
A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower: inside the mansion of Germany's 'Bishop of Bling'

Inside the mansion of Germany's 'Bishop of Bling'

A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower