MBO at Baring Private Equity Partners

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The management of fund manager Baring Private Equity Partners (BPEP) reached an agreement with the executive board of ING Group for a management-led buyout (MBO) of BPEP. The MBO affects the entire BPEP group with the participation and full support of each of the senior partners of the firm. The agreement is subject to regulatory approvals. ING Group and BPEP expect the completion of the transaction by year-end. The value of the transaction will not be disclosed.Under the terms of the agreement, ING Group will retain its existing investments in BPEP funds but will not participate in any new fundraisings. ING Group's capital commitments represent some 18%, or $360m, of BPEP's total $2bn of assets under management. BPEP was founded in 1984 and employs a team of 65 investment professionals operating out of 21 offices in 17 different countries worldwide. The company's business is divided up into six principal investment regions: Latin America, Western Europe, Central & Eastern Europe, India, Asia and Russia. The firm supports companies at each stage of their development, but offers especially growth capital for mid-market sized companies. Baring Private Equity Partners has invested a total of E1.6bn ($1.8bn) in a portfolio of 237 companies in 34 countries around the world. Some 82 of these companies have been exited, returning more than E600m to investors. In 2002 BPEP reported its best year on record for exits by realising 17 divestments (in 15 companies) resulting in total returns of E181m.