Boston-based money manager HarbourVest Partners bought part of the private-equity fund interests of troubled Saudi conglomerate Saad Group, people familiar with the sale said. Under the deal, Saad Investments Co. Ltd., a subsidiary of Saad Group, recently offloaded more than 30 private-equity fund investments, which it originally committed $450 million to, the persons, who declined to be identified due to confidentiality agreements, said. The secondary private-equity market offering achieved a pricing in “the mid-70 percent range of the book value,” one of the people said, without giving specifics. The exact US dollar value of the transaction wasn't immediately clear. HarbourVest Partners didn't respond to emails and phone calls from Zawya Dow Jones. A spokesman for Saad Group declined to comment and referred all questions regarding the sale to accountancy firm Grant Thornton. Grant Thornton didn't respond to emailed questions. The sale comes amid ongoing efforts by privately-held Saad Group and its owner Maan Al Sanea to restructure the conglomerate's debt, which is estimated to be worth at least $6.5 billion. The Al-Khobar, eastern Saudi Arabia-based group slid into trouble last year after failing to meet some of its debt obligations. Saad Group is involved in a feud with another Saudi conglomerate Ahmad Hamad Al-Gosaibi Bros. & Co., or AHAB, which also defaulted on some of its debts in 2009. The groups are locked in a bitter financial dispute that's fought in various jurisdictions including in the US. Saad Investments Co. Ltd., incorporated in the Cayman Islands, is a privately-owned international investment vehicle focusing on various financial asset classes. At year-end 2008, it had total assets of $9.1 billion, according to Moody's Investors Service. Grant Thornton last July was appointed in the Cayman Islands as liquidator for the investment firm.
