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Dutch pensions giants think big on private equity

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Dutch pension fund giants (e136bn) ABP and (e45bn) PGGM are to inject an initial e5bn into private equity investment in the US and Europe – rising to e11bn by 2002, following the purchase of Dutch private equity investment firm Alpinvest by ABP-PGGM Capital Holdings.
The subsidiary holding company of the two pension funds has agreed to pay e820m for Alpinvest, with a considerable number of Alpinvest’s institutional shareholders already agreed on the offer.
The price of e23 per share outstrips an offer made on Alpinvest by Belgian group GIMV in November last year.
ABP-PGGM Capital Holdings and its subsidiaries will shortly change their name to NIB Capital with a view to developing three core activities – wholesale banking through NIB (De Nationale Investeringsbank) , asset management and private equity.
The private equity arm – NIB Capital Private Equity will operate independently and concentrate on investment in other private equity funds, co-investments and direct investments, with the aim of becoming a premier player in the Benelux direct investments market.
A new e600m direct investment fund will be set up alongside a similar fund for co-investments, also targeted to reach e600m. Hugh Wheelan

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