Regions

Austria-based Uniqa Insurance said it would be selling its portfolio of private equity funds to various investors. The insurer said it had already inked definitive agreements for the sale of 54 funds valued at EUR 400 million. The portfolio would be comprised of European and US private equity fund interests. It also included secondary funds, direct fund interests and funds of funds.

Completion of the sale would be subject to regulatory conditions. The sale would also happen in phases with the initial phase slated for completion before the end of 2013. In a statement, Uniqa said the sale was part of its new investment strategy. According to The Economic Times, the firm would befocusing its core insurance business in Austria and central and eastern Europe.

Campbell Lutyens would act as the financial adviser to Uniqa for the transaction. Legal advisers for the insurer were from the law firms of Skadden, Arps, Slate, Meagher & Flom and PHHV Prochaska Heine Havranek Vavrovsky Rechtsanwälte's.