OIC recommends €200m commitment to €1bn Novalpina fund

The recommendation was made at the investment committee's November meeting and must be approved by the private equity committee. OIC directs the investment activity of OPERF on behalf of the Oregon State Treasury.

The meeting minutes reveal that Novalpina, which is targeting €1bn for its debut fund, has made a €75m commitment to the vehicle.

Founders Stephen Peel, Stefan Kowski and Bastian Leuken have previous experience in European private equity at buyout firm TPG. The new vehicle will target seven to nine investments of €75-200m in transactions with enterprise values of €200-500m. It will focus on western Europe, primarily the DACH region, UK and France.

Legal negotiations for fund terms are not yet final but the minutes note that OIC staff considered the terms "attractive".

Under concerns, the committee listed first-time-fund risk and the scale of the commitment to an emerging manager. However, it added that the industry experience of the partners and the opportunity of preferred allocations in future significantly mitigate these risks.

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