3i sells venture portfolio to Cipio

Cipio Partners is to acquire interests in ten businesses from 3i’s European venture capital portfolio, though the companies involved were not disclosed. The assets are understood to have been acquired for a total of between EUR17m and EUR19m, according to a source close to the situation.The transaction involves various late-stage investments in the information technology, internet media and cleantech sectors from 3i’s German portfolio. These are believed to have included e-commerce site BuyVIP, a company in which 3i re-invested alongside new investor Kennet Partners last month.Life science considerations are yet to be acquired.The sales process, which took around three months, attracted interest from a number of parties, according to 3i partner Achim Lederle.The deal reflects the evolution of the private equity industry and of the secondary direct market, said Cipio managing partner Maximilian Schroek.“After starting out with several acquisitions from Fortune 500-type corporations, over the last six to eight quarters Cipio has seen very strong dealflow from the full range of market participants, including banks, private equity firms and corporates.”


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