NIBC and Avedon Capital Partners to launch new private equity fund
NIBC is pleased to announce the launch of NIBC Growth Capital Fund II, a new private equity fund. NIBC, Goldman Sachs Asset Management and the European Investment Fund are founding investors in the fund, which will be managed by Avedon Capital Partners ('Avedon'). The fund now has realised a first close at EUR 100 million and a final close of the fund is expected in the first half of 2012 at around EUR 200 million.
Concurrently, Avedon has finalised its spin-out from NIBC. As part of the spin-out transaction, Goldman Sachs Asset Management is acquiring a strip of NIBC Merchant Banking Fund IB, which will continue to be managed by the Avedon team.
Avedon incorporates the activities and the team of NIBC Capital Partners and is fully independent from NIBC. This set-up is in line with market requirements for governance of third-party funds and facilitates Avedon to attract additional investors and make new investments. Avedon provides growth capital to mid market companies with an enterprise value ranging between EUR 30 - 300 million in the Benelux and Germany with a strong leadership, proven business models and records of revenue and earnings growth.
Jeroen Drost, CEO of NIBC:
"We are very pleased that we can launch this new fund in the current market conditions. It gives Avedon the opportunity to expand its activities, while at the same time allowing NIBC to continue benefiting from the management and expertise of the team. In Goldman Sachs Asset Management and European Investment Fund, NIBC has two strong partners in this fund, and we are looking forward to continuing and expanding our cooperation. The close business relation with Avedon will be pursued and NIBC and Avedon will greatly benefit from each other's relationships and network."
Avedon will continue to manage the existing funds (NIBC Merchant Banking Funds IA and IB), which contain NIBC?s largest exposure to private equity and mezzanine facilities. Other investors in NIBC Merchant Banking Fund IB are Doctors Pension Fund (SPH) and Goldman Sachs Asset Management.
In addition to the above fund investments, NIBC invests directly in private equity via its co-investment activity. With this activity NIBC creates opportunities for high net worth entrepreneurs and family offices to invest with NIBC in smaller mid market companies.