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SVG Capital completes 1st closing of investment portfolio sale

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.