Wells Fargo sold approximately $2 billion of private equity investments in certain Norwest Equity Partners (NEP) and Norwest Mezzanine Partners (NMP) funds to a group of investors. Wells Fargo was previously the sole institutional limited partner in these funds. The buyer group for Wells Fargo’s positions included AlpInvest Partners (a subsidiary of Carlyle), Atalaya Capital Management, Lexington Partners and Pantheon.

“With this transaction, we are continuing with our strategic efforts to focus on Wells Fargo’s core businesses and customers,” Mike Santomassimo, CFO of Wells Fargo, said.

“We are incredibly grateful to Wells Fargo for their long-term partnership and continued support,” Tim DeVries, managing partner of Norwest Equity Partners, said.

Lazard served as financial advisor to Wells Fargo in connection with the transaction.

Separately, Wells Fargo will continue its relationship and investments with Norwest Venture Partners, a venture capital and growth equity investment firm.