NETHERLANDS – The two largest Dutch pension funds, ABP and PGGM, have awarded a further six billion euros to AlpInvest Partners, taking the former NIB Capital Private Equity’s total mandate to 20 billion euros.
The move comes as Dutch pension funds face curbs to their commercial activities as a result of the government-backed Staatsen report.
AlpInvest said in a statement that the new mandate boosts its position as the largest private equity firm in Europe. Stichting Pensioenfonds ABP spokesman Michel Meijs said the civil service fund has around 75% of the mandate.
“It is the largest mandate granted in the international private equity market over the last few years,” AlpInvest said. “It covers an investment period of three years and will be used for fund investments, secondary investments, co-investments and direct investments.”
Last week parent company NIB Capital said it would spin off NIBC Private Equity under the AlpInvest name.
ABP and health care fund PGGM will each take a 50% stake of AlpInvest after the spinoff. They are currently indirect shareholders via their 50-50 venture NIB Capital. AlpInvest’s portfolio has grown from 600 million euros in 1999.
"We are delighted with the new mandate of six billion euros from ABP and PGGM, easily the largest private equity mandate granted in the market in the last few years,” said Volkert Doeksen, managing partner and chief executive of AlpInvest.
“This mandate will enable us to continue investing in what are very interesting times in terms of investment opportunities, and to further build on our leading position in the international private equity market.”
ABP and PGGM will both nominate a member for the firm’s supervisory board. An independent chairman and two additional members will be announced soon.