AG Insurance buys into Gimv fund in €65m secondaries deal

Anneken Tappe
22 June 2012

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AG Insurance has acquired part of the commitment of Vlaamse Participatiemaatschappij (VPM) in the Gimv-XL fund – a deal worth €65m.

The Gimv-XL fund was raised in 2008, holding a first close on €500m with equal commitments from the GP and VPM. In the following year, Gimv secured additional commitments, bringing the total amount in the fund to €609m when the vehicle held a final close in March 2010.

Following AG Insurance's acquisition, €174m of the fund's commitments are provided by investors besides Gimv.

AG's investment was motivated by the insurer's diversification strategy and a demand for more local investments.

Gimv-XL invests in companies valued between €75-750m, with a maximum investment of €100m per asset. Its lifetime is set at a maximum of 14 years.

Portfolio companies of the fund include food company PinguinLutosa, acquired in 2011 and which received a capital increase in January 2012, and technology company CL Video, also acquired in 2011.