Case Studies

Fudo Capital III

Final Close: $1 billion
Date Closed: June 2015

Greenhill’s Capital Advisory group served as exclusive global placement agent for Fudo Capital III, a pan-Asian value-added real estate private equity fund sponsored by CLSA Capital Partners.

Meyer Bergman European Retail Partners II

Final Close: €749.5 million
Date Closed: July 2014

Greenhill’s Capital Advisory group served as exclusive global placement agent for Meyer Bergman European Retail Partners II, formed by Meyer Bergman, to invest in prime shopping center and high street retail assets within select European markets.

Balfour Beatty Infrastructure Partners, L.P.

Final Close: $617.8 million
Date Closed: July 2014

Greenhill’s Capital Advisory group served as exclusive global placement agent for Balfour Beatty Infrastructure Partners, L.P., formed by Balfour Beatty Infrastructure Partners, to target energy, transport and utilities infrastructure investments across Western Europe and North America.

DivcoWest Fund IV

Final Close: $976.1 million
Date Closed: March 2014

Greenhill's Capital Advisory group served as exclusive global placement agent for DivcoWest Fund IV, formed by Divco West Real Estate Services, LLC to acquire commercial properties primarily in technology-related markets throughout the U.S.

Berkshire Multifamily Value Plus Fund III, L.P. and Co-Investment Vehicles

Berkshire Multifamily Value Plus Fund III: $471.1 million
Co-Investment Vehicles: $327.8 million
Total Final Close: $798.9 million
Date Closed: June 2014

Greenhill’s Capital Advisory group served as exclusive global placement agent for Berkshire Multifamily Value Plus Fund III, L.P. and advisor on the formation of co-investment vehicles for Berkshire Property Advisors to invest in multifamily debt, development, recapitalization and direct acquisition transactions in the U.S.

DivCore Subordinate Debt Club

Final Close: $325 million
Date Closed: November 2013

Greenhill’s Capital Advisory group served as exclusive global placement agent for DivCore Subordinate Debt Club, formed by DivCore Real Estate Asset Management, to invest in subordinate U.S. real estate debt.

Cerberus Institutional Real Estate Partners III, L.P.

Final Close: $1.426 billion
Date Closed: October 2013

Greenhill’s Capital Advisory group served as global placement agent for Cerberus Institutional Real Estate Partners III, L.P., formed by Cerberus Capital Management, L.P. to pursue distressed and undervalued real estate and real estate-related investments primarily located in the U.S. and Europe.

Torquest Partners Fund III, L.P.

Final Close: C$535 million
Date Closed: September 2013

Greenhill served as the exclusive global placement agent for Torquest Partners Fund III, L.P., a fund targeting mid-market private equity investments in Canada and the United States.

Siris Partners II, L.P.

Final Close: $641 million
Date Closed: November 2012

Greenhill served as the exclusive global placement agent for Siris Partners II, L.P., a fund targeting complex, control-oriented, special situations investments in North American companies in the technology, telecommunications and technology-enabled business services sectors.

DivcoWest Fund III

Final Close: $870 million
Date Closed: December 2011

Greenhill's Capital Advisory group served as exclusive placement agent for DivcoWest Fund III, formed by Divco West Real Estate Services, LLC to acquire commercial properties primarily in high-tech driven markets throughout the U.S.

Columbus UK Real Estate Fund, L.P.

Final Close: £160 million
Date Closed: December 2011

Greenhill's Capital Advisory group served as exclusive placement agent for Columbus UK Real Estate Fund, L.P., sponsored by Schroder Property Investment Management Limited, formed to opportunistically acquire and manage value add property throughout the UK.

Niam Nordic V L.P.

Greenhill’s Capital Advisory group served as global placement agent for Niam Nordic V L.P., formed by Niam AB to continue its opportunistic real estate investment program in Sweden, Norway, Finland and Denmark.

Arias Resource Capital Fund II, L.P.

Final close: $504 million
Date closed: February 2012

Greenhill’s Capital Advisory group served as the exclusive global placement agent for Arias Resource Capital Fund II, L.P., a fund targeting investments in capital constrained metals & mining companies in global markets.

Clearwater Capital Partners Fund IV, L.P.

Final close: $576 million
Date closed: May 2012

Greenhill’s Capital Advisory group served as the global placement agent for Clearwater Capital Partners Fund IV, L.P., a fund targeting credit and special situations investments in Asia, excluding Japan.

Related Real Estate Recovery Fund, L.P.

Final Close: $825 million
Date Closed: January 2012

Greenhill's Capital Advisory group served as exclusive placement agent for Related Real Estate Recovery Fund, L.P., formed to seek investment opportunities in distressed U.S. properties and loans capitalizing on Related Companies' extensive capabilities and resources in real estate development and management.

Fortune 500 Company (Undisclosed)

Transaction: Secondary Sale of Limited Partnership Interests in Private Equity Funds
Transaction size: Undisclosed
Date closed: February 15, 2011

Greenhill was retained in October 2010 to serve as the exclusive financial advisor to the pension plan of a large corporation in connection with its potential disposition of certain limited partnership interests in private equity funds. The transaction was undertaken in an effort to improve the pension plan’s liquidity position with near-term cash proceeds and relief from a portion of its future funding obligations. Greenhill evaluated and recommended financial and strategic alternatives with respect to the timing, structure, asset selection and pricing of the proposed transaction. Greenhill furthermore recommended a proposed sale portfolio of interests that would achieve the Seller’s objectives and maximize pricing, and assisted the Seller with its pricing expectations by performing valuation on the individual limited partnership interests. The engagement involved providing transaction execution services to the Seller during a competitive, two-stage auction process, while adhering to the Seller's desire for confidentiality and discretion.

AXA Private Equity

Transaction: Secondary Sale of Limited Partnership Interests in Private Equity Buyout Funds and Direct Stakes in Companies
Seller: Citigroup
Buyer: AXA Private Equity
Portfolio Size: $1.7 billion
Date Announced: June 8, 2011

Greenhill served as exclusive financial advisor to AXA Private Equity, a leading European diversified private equity firm, on its acquisition of a $1.7 billion portfolio of limited partnership interests in private equity buyout funds and a portfolio of direct stakes in companies from Citigroup. Following on from AXA Private Equity's $1.9 billion acquisition of private equity funds from Bank of America in April 2010, this transaction continues AXA Private Equity's secondary funds strategy to offer liquidity to large institutions looking to monetize their private equity investments and represents one of the largest ever private equity secondary transactions.

Tennenbaum Opportunities Fund VI, LLC

Final close: $530 million
Date closed: August 2011

Greenhill’s Capital Advisory group served as the exclusive global placement agent for Tennenbaum Opportunities Fund VI, LLC, a credit opportunities fund formed to target discounted and debt-for-control oriented investments as well as complex, directly-originated financings.

Royalty Opportunities S.ÀR.L

Final close: $600 million
Date closed: August 2011

Greenhill’s Capital Advisory group served as the global placement agent for Royalty Opportunities S.ÀR.L., a fund that will seek to acquire healthcare royalty streams and provide structured debt capital to healthcare companies.

AXA Private Equity

Transaction: Secondary Sale of Limited Partnership Interests in Private Equity Funds
Seller: Bank of America
Buyer: AXA Private Equity
Transaction size: $1.9 billion
Date announced: April 22, 2010

Greenhill served as exclusive financial advisor to AXA Private Equity, a leading European diversified private equity firm, on its $1.9 billion acquisition of a portfolio of limited partnership interests in private equity funds from Bank of America. This landmark transaction is believed to be the largest private equity secondary market sale since 2007 and highlights the size and strength of the private equity secondary market, a growing and increasingly important segment in the overall private equity market.

Element Partners II, L.P.

Final close: $486 million
Date closed: March 9, 2009

Greenhill’s Capital Advisory group served as financial advisor to Element Partners in connection with Element Partners II, L.P., which closed in March 2009 with $486 million in capital commitments. Element Partners II is a global private equity fund formed to invest in high-growth companies with innovative clean technology solutions across a broad range of sectors, including energy, water, chemicals, and manufacturing.

Tennenbaum DIP Opportunity Fund, LLC

Final close: $454 million
Date closed: December 17, 2009

Greenhill’s Capital Advisory group served as the exclusive global advisor and placement agent for Tennenbaum DIP Opportunity Fund, LLC, a private equity investment fund formed to lead, structure, agent and participate in debtor-in-possession ("DIP") loans and DIP refinancings.

Tenaska Power Fund II, L.P.

Final close: $2,445 million
Date closed: October 29th, 2008

Greenhill’s Capital Advisory group acted as global placement agent for Tenaska Power Fund II, L.P., which closed in October 2008 with approximately $2.4 billion. TPF II is the follow-on fund to the $838 million Tenaska Power Fund, L.P. closed in 2005. TPF II’s investment professionals take a disciplined approach to investing in the U.S. energy industry, including power generation, natural gas storage, pipeline and other gas midstream assets; and natural gas and power infrastructure goods and services. Tenaska is one of the largest privately held energy companies in the U.S. Investors in TPF II include leading global financial institutions, endowments and public and private pension funds. Despite the challenging financial environment, many TPF I investors increased their allocations to the new fund. TPF II also attracted a large number of first-time investors.