About Coller Capital

• Founded: 1990

• Headquarters: London, United Kingdom

• AUM: Approximately $33bn as of 2024

• Strategy: LP portfolio acquisitions and GP-led secondaries, global

• Track record: Pioneer in secondary market investing with over 30 years of transaction history across multiple fund generations

• Leadership: Founded by Jeremy Coller; currently led by managing partners including Chris Geczy and Luc Pacquier

Coller Capital led a $250m single-asset continuation vehicle for Shurco, a truck and trailer tarp manufacturer held by Behrman Capital. The transaction allowed existing limited partners to either roll their stakes into the new vehicle or exit at the transaction price. Behrman Capital retained control of Shurco through the continuation vehicle structure.

The deal marks Coller's continued dominance in leading GP-led transactions at the smaller end of the continuation vehicle market. Recent secondary market data shows CV transactions under $500m have grown as a share of total GP-led volume—particularly for portfolio companies generating steady cash flows in niche manufacturing sectors where exit timelines extend beyond initial fund life. Coller has anchored similar structures for industrial holdings over the past 18 months, including deals in the $150m–$300m range that offered LPs partial liquidity while giving sponsors additional runway.

Shurco's hold period under Behrman Capital likely exceeded the typical buyout fund's investment horizon, making the CV structure a practical alternative to a strategic sale or IPO in a manufacturing subsector with limited buyer appetite. The question is whether Behrman can generate meaningful value creation over the extension period—continuation vehicles for mature industrial assets tend to deliver muted returns unless operational improvements or bolt-on acquisitions materialize. Pricing on recent CV transactions for similar profile companies has traded at modest premiums to net asset value, suggesting LPs who rolled may be betting on incremental upside rather than transformative growth.

Source: AltAssets