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Conversus Sells Investment Portfolio to HarbourVest
Practices
Paul, Weiss advised Oak Hill Investment Management, L.P. in the $1.4 billion sale by Conversus Capital, L.P., a publicly traded portfolio of third-party private equity funds, of its portfolio of private equity fund interests and direct co-investments to HarbourVest Structured Solutions II, L.P, a Guernsey limited partnership managed by HarbourVest Partners LLC. Not reflected in the purchase price were net cash and directly held public equity securities owned by Conversus, which totaled $66.4 million. Following each closing under the definitive agreement with HarbourVest Structured Solutions, Conversus intends to distribute the net proceeds received to its unit holders. Promptly following the final closing, Conversus intends to appoint a liquidator to wind up its remaining operations and make a liquidating distribution in accordance with Guernsey law.
The Paul, Weiss team included corporate partners Marco V. Masotti and Kenneth M. Schneider, and counsel Amran Hussein.