Conversus Asset Management

About

Conversus Asset Management was formed through an agreement between Bank of America and Oak Hill Investment Management. Pursuant to a services agreement, the firm carried out day-to-day operations and managed the investment portfolio of Conversus Capital. The listed private equity fund of funds was a Guernsey limited partnership formed in 2007. The firm was designed to offer its unit holders long term value by harvesting its existing portfolio In 2011, Conversus Asset Management announced that it would adopt a "permanent harvesting strategy" which would mean it would no longer make new commitments to private equity funds, and return capital to its investors. Whilst they intended to continue to fulfill its existing commitments to funds, it was unclear whether the firm would offer investors the opportunity the make new commitments. In 2012, Conversus Asset Management announced it was changing ownership as it is considering putting itself up for sale. The firm hired JP Morgan Securities to advise it on a strategic review in which it would explore strategic alternatives with the goal of enhancing unit holder value. As of Q4 2012, Conversus Asset Management was winding down operations and was no longer making any primary, secondary or direct investments, following the announcement that its portfolio was bought out by HarbourVest earlier in the year.

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