We advised White Deer on the secondary transaction and $240 million continuation fund formation

Davis Polk advised White Deer in connection with a single asset GP-led secondary transaction. White Deer’s Fund II sold its interest in Flogistix, LP, a portfolio company that provides a decarbonization solutions platform for global energy producers, to a newly formed continuation fund complex managed by White Deer. GCM Grosvenor led the buyer group that provided $240 million in capital commitments.

White Deer is a private equity firm that invests in products and services businesses in the energy, industrials and infrastructure end markets. The firm relies on a thematic, research-based investment approach and deep industry knowledge to create sustained value for its companies, investment partners and employees. The firm is based in Houston and New York and was founded in 2008.

The Davis Polk corporate team included partners Leor Landa and Sijia Cai, counsel Michael W. Brasher and associates Joel Kuzniecky, Tianye Zhang and Ray Roesler. Partner Ethan R. Goldman and associates Constance Zhang and Michelle Zhao provided tax advice. Partner Veronica M. Wissel provided employee benefits advice. All members of the Davis Polk team are based in the New York office.