European banking group NIBC has launched the NIBC Growth Capital Fund II, with a €100m first close.
The fund will be managed by Avedon Capital Partners. NIBC, Goldman Sachs Asset Management and the European Investment Fund are founding investors in the fund. A final close is expected in the first half of 2012 at around €200m.
Avedon has also finalised its spin-out from NIBC, it said. 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. The firm provides growth capital to mid market companies with an enterprise value ranging between €30m €300m in the Benelux and Germany.
Jeroen Drost, CEO of NIBC, said, “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, including 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 include Doctors Pension Fund (SPH) and Goldman Sachs Asset Management.
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