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AlpInvest in talks to buy RBS private equity

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EUROPE - AlpInvest Partners, the private equity manager owned by Dutch pension fund investors APG and PGGM Investments, is understood to be in talks to acquire a €400m private equity portfolio from the Royal Bank of Scotland (RBS).

No one from AlpInvest, APG or PGGM was available to confirm the story, originally reported in the Financial Times. RBS would not comment.

The UK lender, which was partly nationalised following the UK government's bail-out package in 2008, is seeking to sell non-core assets to improve its balance sheet.

The news follows the bank's decision earlier in March to sell its RBS Factor subsidiary to GE Capital.

AlpInvest delivered a total return of 9.2% in 2009 for APG and PGGM, which manage the investments of the two largest Dutch pension funds ABP and PFZW. (See earlier IPE article: Private equity manager delivers 9.2% for APG and PGGM)

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