NIBC Bank spin-off holds €100m first close

The former NIBC Capital Partners team is targeting €200m in commitments and has so far received backing from well known institutional investors, including its former parent NIBC, Goldman Sachs Asset Management and the European Investment Fund.

With the first close, NIBC Capital Partners has become fully independent and rebranded as Avedon Capital. Led by three investment directors and the two managing partners, Alfred Tulp and Gerard Burgers, the spin-off will continue to manage the assets of the first fund NIBC Growth Capital Fund that raised €300m in 2007 and is fully invested. So far three of the 12 portfolio investments have been realised, yielding a gross IRR or more than 40%.

The new fund will invest equity stakes of €10-30m in small and mid-cap companies in the Benelux region as well as Germany, looking to make 10-15 investments across diversified sectors. A final close is expected in the first half of 2012.

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• Topics
• Benelux
• Fundraising
• NIBC Capital Partners
• Netherlands