Project Ivy

Project Ivy involved the targeted acquisition of three LP interests in mid-market buyout funds managed by high quality buyout managers. The seller was a large US endowment that aimed to generate liquidity via a portfolio sale process that included a number of funds across multiple strategies. Although an intermediary process, due to the eclectic mix of assets, the process lent itself to a mosaic solution, which allowed Patria GPMS to target the specific buyout fund interests we knew very well and rated highly.

Altor V was the largest position in Project Ivy. Altor V is a 2019 vintage Northern European mid-market buyout fund which Patria Private Equity Trust had previously committed to on a primary basis. The remaining exposure was to American Industrial Partners V, a 2011 vintage industrials focused US buyout fund, and Vitruvian CF I, a 2019 Continuation Fund vehicle. The combination of these three positions provides Patria Private Equity Trust with exposure to 27 underlying companies, diversified across sectors and with no outsized company exposure.

Project Ivy provides Patria Private Equity Trust with exposure to a portfolio which is well balanced, with short-term liquidity coming from more mature funds and future NAV growth potential from the younger funds in the portfolio. The excellent coverage of the Patria GPMS platform allowed for deep insight into the funds involved, while Patria Private Equity Trust had made existing primary commitments to in both Altor V and Vitruvian CF I.