Rabo Capital spins out of Rabobank, becomes Nordian

The move saw Nordian launch a new €300m vehicle, Nordian Fund II, focusing on the Dutch mid-market. The GP will continue to manage Rabo Capital's existing private equity portfolio.

Nordian is owned by Rabobank, which has a 40% equity stake; Commonwealth Investments, the multi-family office that has also taken a 40% stake; and PGGM Asset Management. PGGM is a Dutch asset manager that manages the €152bn healthcare scheme PFZW. The investor acquired 20% of Nordian.

PGGM is also understood to have committed to Nordian Fund II.

Nordian's strategy remains unchanged. The GP will focus on the acquisition of majority stakes in Dutch companies that generate operating profit of at least €3m. The vehicle has a generalist approach, though sectors such as food, health and services are favoured.

Earlier this year, Rabo Capital divested its stake in Dutch Opthalmic Research Center (Dorc) to Montagu Private Equity, marking the buyer's first lead investment in the Netherlands. GE Capital and Ares Management acted as lead arrangers for the €110m debt package that supported the deal.

In May this year, Rabo supported the management buyout of Kipp & Zonen, a Dutch manufacturer of solar and atmospheric measuring instruments.

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• Topics
• Benelux
• GPs
• Rabobank
• Rabo Private Equity