NETHERLANDS - ABP and PGGM have awarded an e11bn private equity mandate to AlpInvest Partners
The three year mandate was one of the largest granted in the international private equity markets, AlpInvest claimed. The money will be used for direct investments through co-investments with other funds, primary and secondary fund investments as well as mezzanine Investments.
ABP and PGGM have now committed over e31bn to AlpInvest, having already earlier awarded the company mandates totalling e20bn.
A spokesperson from AlpInvest said the mandate meant it would strengthen ties with the two largest Dutch pension funds, who are also equal owners of the company.
“They are both our shareholders and our clients,” said the spokesman. Speaking about the private equity mandate, which ends in 2008, he said: “Of course we hope to get a new mandate after that period.”
AlpInvest was formerly known as NIBCapital Private Equity, but in February announced its decision to spin-off from parent company NIBCapital NV.
At that stage ABP and PGGM were indirect shareholders, but the spin-off saw them each take an immediate 50% interest in the company.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.