SVG Capital plc said it completed the first closing of the sale of its investment portfolio to HarbourVest Structured Solutions III LP, an investment vehicle indirectly owned by Boston-based HarbourVest Partners LLC.

SVG received proceeds of about £523.2 million from the closing, with all conditions to the closing of its tender offer of up to £350 million Dec. 16 also satisfied. Further closings are expected to be completed by the end of the year.

SVG previously agreed to sell 100% of its investment portfolio to HarbourVest Structured Solutions III LP for an aggregate purchase price of £806.6 million, reflecting a 0.6% premium. Following the sale, the company expects to return approximately £1.12 billion to its shareholders through its launch of three tender offers of £350 million each between 2016-end and March/April 2017, at 715 pence per share.