Nordea and AlpInvest have raised 200 million euros for its new co-investment fund. The anticipated size of the fund named NPE Direct may be 400 million euros. NPE Direct will source co-investment deals from both the Nordea and AlpInvest private equity platforms. The fund’s backers include Nordea Life & Pensions and Nordea Asset Management‘s private equity program.
Nordea and AlpInvest have launched a new co-investment fund programme starting with a new EUR 200 million fund – NPE Direct. It is anticipated that the size of the programme may expand to up to EUR 400 million. The fund will source co-investment deals from both the Nordea and AlpInvest private equity platforms. The fund sponsors are Nordea Life & Pensions, Nordea Asset Management’s private equity programme and other institutional investors.
“I’m very pleased to announce our new co-investment fund programme that we have established to further support and strengthen the private equity relationships we have developed over the last two decades,” says Christen Estrup, Head of Private Equity at Nordea Asset Management.
“With the new AlpInvest relationship we aim to become an active and trusted partner in this important field going forward. We are open for a wide range of deals across all markets and sectors, with the ability to act as a co-sponsor alongside the lead investor early in the deal process. In combination with AlpInvest’s other mandates, we can provide equity co-investment tickets of up to EUR 250 million,” says Christen Estrup.
“In our search for a strategic partner, AlpInvest became our preferred choice because of its long experience in the co-investment space and its solid historical returns,” says Søren Tang Kristensen, Head of Alternative Investments at Nordea Life & Pensions.
“In addition, AlpInvest’s ability to source co-investments not only from Nordea’s own portfolio but also from the broader AlpInvest private equity platform was an important factor for our decision,” says Søren Tang Kristensen.
“We are very excited to have established this strategic partnership with Nordea. NPE Direct is fully tailored to the specific needs of Nordea, supporting the future collaboration between our partners in the programme. We are grateful that AlpInvest has been given the opportunity to support Nordea with the development of its co-investment programme,” says Rob de Jong, Managing Director of AlpInvest.
Nordea is the largest bank in the Nordic region with more than 30,000 employees and more than 10 million customers. Nordea Asset Management, the asset management arm of Nordea, is the largest asset manager in the Nordic region with more than EUR 200 billion in assets under management.
Nordea Life & Pensions is the largest Nordic market return product provider with EUR 67 billion in assets under management.
Nordea Asset Management’s private equity team manages approximately EUR 2.5 billion in private equity assets on behalf of private and institutional clients including Nordea Life & Pensions. The private equity programme is a global programme focusing on primary fund commitments, secondaries and co-investments mainly in mid-market buyouts.
AlpInvest is a leading global private equity investor, with over EUR 39 billion of assets under management as of 31 March, 2017, and offices in New York, Amsterdam, Hong Kong and Indianapolis. AlpInvest’s activities cover a broad range of private equity investing, including primary fund commitments, co-investments, and secondary purchases. The firm’s investments span the full range of private equity, with commitments to over 635 buyout, venture capital, growth capital, and distressed funds managed by over 300 sponsors as of 31 December, 2016.
AlpInvest offers customised private equity investment solutions to investors through separately managed accounts and commingled products. For more information, please visit www.alpinvest.com.