Stephenson Harwood advises Schroder UK Public Private Trust on £49 million asset sale
Law firm Stephenson Harwood LLP has acted for Schroder UK Public Private Trust plc (SUPP) on an agreement for the £49 million sale of seven portfolio assets to Rosetta Capital VI, LP, an investment fund managed by the UK-based life science venture capital firm Rosetta Capital Limited.
SUPP, which was launched in 2015 as Woodford Patient Capital Trust plc, is an investment trust focused on public and private equity investments, predominantly in the UK. The transaction is an important step for SUPP, and its investment manager Schroders, as it marks a key milestone in the re-positioning of its portfolio under Schroders' management, which took over the running of the portfolio in December 2019. It also represents a third positive development for SUPP in January 2021, following the sale of biopharmaceutical company Kymab to Sanofi, in which SUPP is expected to receive initial sale proceeds of £65 million, and the extension of SUPP's credit facility.
The Stephenson Harwood team was led by corporate partner Alex Haynes, who was supported by corporate senior associate Nick Horton, corporate associate Harry Wakefield and banking senior associate Sean Crowley. The team also advised SUPP on the Kymab disposal and credit facility extension.