Gimv holds second close on EUR560m

Belgian investor Gimv has reached a second closing of its XL fund on EUR560m, up from the previous closing on EUR500m. Gimv-XL has a maximum life span of 14 years from the first closing.

New commitments come from Dexia Bank, ING Belgium and Ethias. Gimv previously contributed EUR250m as initiator and sponsor, while VPM, Gimv's main shareholder, invested the remaining EUR250m as co-sponsor.

Gimv-XL focuses on growth companies with an enterprise value between EUR75-750m, that have the potential to grow from the Flemish into the international market.

The fund has made its first two investments, Electrawinds and Vandemoortele Group, totalling EUR100m. It looks to invest in 10-15 companies in various sectors between 2009-2013. The investment per company will be up to EUR100m, in the form of both equity and hybrid equity.

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