NETHERLANDS/US: Dutch pension funds APG and PGGM have agreed to sell AlpInvest Partners to the Carlyle Group and AlpInvest's management for an undisclosed sum.
The firm is one of the world's largest investors in private equity, managing €32.3bn ($43.3bn)in assets, mainly on behalf of APG and PGGM through a global private equity fund-of-fund programme.
As part of the deal, APG and PGGM will continue to be the anchor clients of AlpInvest and commit an additional €10bn to the programme over the next four years. The transaction, which is subject to regulatory approval, is expected to close in March 2011.
APG CEO DickSluimers said: "We welcome this new partnership, which fits in with APG's vision on private equity investments and which will sustain and develop the activities of AlpInvest. In ten years, AlpInvest has grown into a top tier global private equity investor for the pension funds we service and this new partnership ensures a durable collaboration for the years to come."
Martin van Rijn, PGGM CEO added: "The size and global focus of The Carlyle Group and the proven expertise of AlpInvest management meets the wishes of all parties. The cooperation on the integration of environmental, social and governance issues into private equity investments is very important to PGGM. We have confidence in this new relationship."
AlpInvest CEO Volkert Doeksen said: "Carlyle is a strong, long-term partner for AlpInvest. This is critical given the €32bn in commitments we already manage today on our investors' behalf. For management and our employees, Carlyle is a partner with compatible goals and a proven track record in building a world-class asset management firm. Importantly, Carlyle's global network and respected brand will help AlpInvest broaden our investor base and product scope."
David Rubenstein, Carlyle co-founder and managing director added: "We are so pleased to begin this long-term partnership with AlpInvest, APG and PGGM. Expanding the scope of our global asset management business will create new opportunities for Carlyle investors who seek a proven fund-of-funds platform. We have the highest regard for Volkert and his investment team and believe Carlyle will be a great long-term home for AlpInvest."
Credit Suisse and Catalyst Advisors acted as exclusive financial advisors to APG and PGGM respectively in the transaction.
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