Global law firm Clifford Chance has advised ICG Strategic Equity as lead investor on the transfer of Multiversity from CVC Capital Partners VII to a CVC-managed continuation fund alongside CVC Capital Partners VIII.

Multiversity is a leading Italian online higher education provider, in which CVC first invested in 2019 and subsequently acquired full control of in 2021. ICG’s proposed investment will enable CVC to extend the value creation journey and its partnership with Multiversity through a longer investment horizon. ICG Strategic Equity is a flagship strategy of Intermediate Capital Group focused exclusively on leading GP-led secondary opportunities globally.

Speaking on the transaction, partner Tom Lin said, “We are seeing supply-demand dynamics in the single-asset segment of the GP-led secondary market favour the highest quality sponsors backing portfolio companies whose management teams have delivered a strong growth track record to-date and are looking to execute growth plans underpinned by a compelling thesis. CVC and Multiversity fit this bill perfectly. We congratulate ICG Strategic Equity on securing this marquee investment opportunity and wish ICG, CVC and Multiversity the very best for the next chapter.”

The Clifford Chance team comprised partners Tom Lin (Singapore), Paolo Sersale (Milan) and Filippo Isacco (Milan), counsel Chloe Cheng (Singapore), senior associates Wesley Tan, David Ho and Rebecca Liu (all Singapore) and associates Kin Kan Chan (Singapore), Sabrina Maltoni (Milan) and Lorena Loos (Milan). Global and Italian tax expertise was provided by partners Richard Kalaher (London), Paul Seraganian (New York), Carlo Galli (Milan), Nicola Hemsley (London) and Kevin Colan (New York), senior associate Violet Marcel (London) and associates Tali Lee (New York), Jason Doukakis (London) and Nick Humphries (London).