SJ Berwin and Baker & McKenzie have taken lead roles on HSH Nordbank's sale of a stake in a portfolio of private equity fund investments, a deal that values the bank's total 47-fund portfolio at €620m (£549m).

SJ Berwin was instructed by Germany's Nordbank, a longstanding client of the firm, and fielded a team led by funds partner Nigel van Zyl, who is set to leave the firm with a team of associates to join Proskauer Rose. SJ Berwin's City team worked with Munich funds partner Sonya Pauls on the deal.

Meanwhile, AXA Private Equity – a subsidiary of French insurer AXA – and LGT Capital Partners were advised by Baker & McKenzie on their acquisition of the portfolio, which comprises investments in 18 European mid-cap and large funds.

The firm's team was headed up by corporate partners James Burdett and Bruno Bertrand in London and Paris respectively, alongside tax partners Guillaume Le Camus (Paris), James MacLachlan (London), Todd Golub and Patricia McDonald (Chicago).

The deal underlines the interest among private equity houses in acquiring assets as banks move to restructure their business to deal with incoming regulations that will raise their cost of capital.

Bakers' Bertrand commented: "[This transaction] demonstrates that the secondary transactions market continues to be very buoyant. It was a complex deal that played to the strengths of our European and global private equity groups."

The news comes just over a month after Proskauer announced the hire of van Zyl alongside fellow partner Oliver Rochman to strengthen its London funds practice.

For more, see Team of SJ Berwin funds associates follow partner duo to Proskauer.