HarbourVest Partners Leads Investment in €2.5 Billion Norvestor SPV III Continuation Fund Transaction

Ropes & Gray represented HarbourVest Partners as a lead investor in the successful closing of the Norvestor SPV III SCSp continuation fund transaction. The transaction was announced in July 15 press release.

Norvestor transferred ownership of two portfolio companies, PHM Group, a leading European property services provider, and Sperre Air Power, a supplier of equipment to the maritime and power sectors, from its older funds (Norvestor VIII SCSp and Norvestor SPV II SCSp) into the newly established Norvestor SPV III SCSp. SPV III closed on approximately EUR 2.5 billion of new capital commitments to fund the purchase and further financing of the assets from their respective funds and minority investors.

The Ropes & Gray team included alternative asset opportunities partner Isabel Dische, counsel Rob Schmidt and associate Christian Vareika, tax partners Chris Agnoli and Dan Kolb, and litigation & enforcement partner Lisa Kaltenbrunner.