O’Melveny & Myers and offshore firm Ogier have won roles advising private equity group Coller Capital on the closing of its $5.5bn (£3.5m) secondaries fund.
O’Melveny funds partner John Daghlian led the City team for the longstanding client on the fundraising, with the final closing announced last week.
Daghlian was joined by London funds counsel Daniel Quinn alongside a team across the UK, New York and Hong Kong, including New York funds partner Tim Clark.
Ogier also advised Coller, a specialist in secondaries funds, fielding retired Guernsey partner Roger Le Tissier, who continues to carry out specific mandates for the offshore firm, and Guernsey office head William Simpson. They were assisted by senior associate Bryon Rees and associate Rachael Sanders in Guernsey. Cayman Islands partner Nick Rogers led the Cayman team alongside associate Michael Lubin, while partner Mike Lombardi steered the Jersey team.
Coller’s $5.5bn closing was above its target of $5bn (£3.2bn), with the fund raised in just over a year. The group said over 200 limited partners (LPs) invested in the vehicle, including pension plans (53 per cent), sovereign wealth funds and government entities (15 per cent) and insurers (10 per cent), with the remainder consisting of other asset managers, endowments, foundations and family offices. A number of other external lawyers were instructed by LPs.
Coller has raised roughly one fund every three years since its first secondaries fund closed in 1994, attracting more than 20 investors.
The latest fund, Coller International Partners VI, is also intended for secondaries deals in which the company buys stakes in other private equity groups. Coller said it had already committed $800m of the capital and that it plans to undertake investments worth between $1m (£640,000) and at least $1bn (£640m) each.
The firm has leveraged the relationship to advise it on a number of deals, winning a role on its acquisition of a majority stake in Bank of Scotland’s private equity business in 2010, with Daghlian among the lead partners on the mandate (26 June 2010).
More recently, the firm advised Coller VI on an agreement to buy Crédit Agricole’s private equity manager Crédit Agricole Private Equity (CAPE) and the French bank’s remaining investments in funds that CAPE manages. The deal completed early this year, before the fund’s final closing.