About Coller Capital

• Founded: 1990

• Headquarters: London, United Kingdom

• AUM: Approximately $38bn as of 2024

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

• Track record: Pioneer in the secondaries market with over 30 years of deal history; has participated in continuation vehicles since the early 2010s, including multi-asset structures across European and North American buyout portfolios

• Leadership: Founded by Jeremy Coller; currently led by a team of managing partners including Matthew Benson and Stefan Mang

Coller Capital led a €635m continuation vehicle for Verdane, a European buyout investor, in a multi-asset transaction. The CV holds three portfolio companies from Verdane's prior funds. The structure provided liquidity to existing LPs while allowing others to roll into the new vehicle alongside fresh capital from Coller and co-investors.

This transaction sits at the upper end of European multi-asset CVs closed over the past 18 months. Recent comparables include Inflexion's £850m three-asset vehicle in late 2024 and PAI Partners' €1bn four-asset deal earlier that year. The €635m size signals sustained appetite from secondary buyers for concentrated European growth equity exposures, particularly where the GP can demonstrate a clear path to exit within 3–5 years. Multi-asset structures have become a preferred format for mid-sized European managers seeking to extend hold periods without launching a dedicated continuation fund for a single crown jewel.

What remains unspecified is the pricing — whether the transaction cleared at a discount to NAV or reflected mark-to-market valuations. That detail matters: if Coller underwrote at par or a modest premium, it would suggest confidence in near-term exit valuations for the underlying businesses. If pricing came in below NAV, the deal shifts from LP accommodation to opportunistic secondary buying. The three portfolio companies are unnamed, which is typical for multi-asset CVs where disclosure terms favor confidentiality, but the absence of sector or vintage context makes it harder to assess how this vehicle fits into Verdane's broader fund cycle. European continuation vehicle volume has held steady through 2024 and into early 2025, but deal-by-deal pricing dispersion has widened — making the terms of this transaction more consequential than the headline size alone.

Source: AltAssets