Debt portfolio offloaded by First Republic Bank

A sole buyer acquired two separate credit funds as part of a clean-up in the bank's private investment arm.

First Republic Bank’s investment management arm has offloaded a portfolio of tail-end credit fund stakes as part of a clean-up, PDI’s sister title Secondaries Investor has learned.

Altair Alternative Investment Platform, the private investments unit of the San Francisco-headquartered bank, sold stakes in 13 entities representing six underlying managers, Altair managing director Hezy Shalev told Secondaries Investor.

The process began in July and the size of the portfolio traded was around $25 million, he said. The portfolio comprised two separate funds of funds containing 2008- and 2009-vintage interests originally created by Luminous Capital, a wealth advisory firm that First Republic acquired in 2012.

One buyer acquired both portfolios. Pricing was in the low 80s as a percentage of net asset value based on a 30 June valuation date.

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