ABP PGGM award €11bn private equity mandate
ABP and PGGM, the two largest pension funds in the Netherlands, have awarded a new €11bn private equity mandate to AlpInvest.
AlpInvest Partners said the three-year brief is one of the largest mandates ever granted in the international private equity markets.
The private equity mandate
will be used for direct investments through co-investments with other funds, primary and secondary fund investments
as well as mezzanine invest-ments.
It said that around 70-75% of these funds would be committed by AlpInvest to private equity funds. The remainder will be invested directly in companies as a co-investor in Europe and the US.
AlpInvest, which is co-owned by the two funds was formerly known as NIB Capital Private Equity, said the new mandate helps to fill the funds’ strategic need to diversify into alternative investments.
The schemes had already
committed almost €20bn to AlpInvest, including a €6bn man-date awarded at the start of 2004.
“We are very excited by this
new substantial mandate from ABP and PGGM,” said AlpInvest’s chief executive Volkert Doeksen.
“This mandate confirms the strong commitment by ABP and PGGM to our platform, helped by our good performance, and enables us to further strengthen our position as one of the world's leading private equity asset managers.
“Investing money is one thing, but to make an attractive real return on capital invested requires, experience, expertise, recognition of market developments and an eye for opportunities.”