Footnotes / references +US$85 billion in capital since inception [3]
AlpInvest Partners is a global private equityasset manager with over $85 billion of committed capital since inception as of December 31, 2022. The firm invests on behalf of more than 450 institutional investors from North America, Asia, Europe, South America and Africa.
As of the end of 2022, the firm had invested in more than 600 private equity funds managed by more than 325 private equity firms. According to the PEI 300, AlpInvest ranked among the 50 largest private equity firms globally.[4]
Since 2011, AlpInvest has operated as a subsidiary of The Carlyle Group, a global private equity firm. Prior to 2011, AlpInvest has been owned through a joint venture of its two clients, the Dutch pension funds (ABP and PFZW).
With over $55 billion of funds under management, AlpInvest is one of the largest investors in the private equity asset class globally.[5][6][7] AlpInvest pursues investment opportunities across the entire spectrum of private equity including: large buyout, middle-market buyout, venture capital, growth capital, mezzanine, distressed and sustainable energy investments. AlpInvest also invests across the range of private equity investment channels:
AlpInvest will invest with these firms either by making commitments to new investment funds or by purchasing funds through the private equity secondary market. AlpInvest is one of the largest private equity fund investors and is also among the largest and most active and experienced investors in private equity secondaries.
AlpInvest also invests directly alongside some of the largest private equity investors through an active co-investment program and will make mezzanine debt investments into companies owned by financial sponsors.[9]
Following this spin-off of its European middle market leveraged buyout platform, which was subsequently renamed Taros Capital[10] AlpInvest, by itself, no longer makes control investments directly in privately held companies, but rather invests alongside selected private equity managers.
History
The logo used by AlpInvest from 2004 through 2019The logo used by Alpinvest N.V., a publicly quoted investment vehicle and predecessor of AlpInvest PartnersThe logo used by NIB Capital Private Equity, the direct predecessor of AlpInvest Partners
AlpInvest as it is currently known, was established in 1999 as an initiative by its two sponsors, the Dutch pension funds ABP and PFZW (then PGGM), to create an independent and professional manager for their private equity allocations.[11]
AlpInvest's predecessor, NIB Capital Private Equity, originally operated as one integrated investment firm with distinct teams focusing on fund investments as well as lead buyout investments in mid-sized companies located in the Benelux and Germany. As the firm evolved, AlpInvest shifted its focus toward an expansion of its investment management business.
In 2000, AlpInvest expanded its investment platform, by creating a dedicated equity co-investment team[specify] to invest in transactions alongside its core private equity managers. The following year, in 2001, the firm began a formal effort to make mezzanine investments. A year later, in 2002, AlpInvest launched a secondary investment platform, which has emerged as one of the largest buyers of private equity assets in the secondaries market.[citation needed]
Milestones
The headquarters of AlpInvest in Amsterdam
The following is a timeline of significant milestones:
1980s - Both ABP and PGGM begin separate in-house private equity investment programs, investing primarily in private equity funds.
1990s - Alpinvest Holding N.V., an evergreen investment fund, is founded and Stan Vermeulen is named CEO in 1993. Alpinvest Holding N.V. provided private equity and mezzanine capital to middle market companies in Benelux and Germany until its acquisition by ABP and PGGM in 2000.
1997 - Alpinvest Holding N.V. begins trading on the Amsterdam Stock Exchange on 11 June 1997. Major shareholders in Alpinvest Holding N.V. included the Dutch government and ABN Amro Bank NV.
1999 - ABP and PGGM form NIB Capital Private Equity, the predecessor of AlpInvest under the leadership of Volkert Doeksen, in order to increase position in the private equity market. NIB Capital is formed from several separate teams from NIB Bank NV and Parnib Holding NV.
2000 - Alpinvest Holding N.V. is acquired by ABP and PGGM, and integrated into Parnib Holding N.V. and NIB Capital Private Equity to form what would become AlpInvest Partners. ABP and PGGM topped a bid from GIMV to acquire the listed investment fund.[12] NIB Capital receives its first mandate of €13 billion from ABP and PGGM of which close to €7 billion is designated for new investments in the period 2000–2002. The remainder comprised existing investments made by ABP, PGGM and NIB Capital's predecessors.
2000 - AlpInvest changes its name to NIB Capital Private Equity[13] and begins a dedicated equity co-investment group.
2001 - NIB Capital opens New York office.
2002 - NIB Capital begins a dedicated secondary investment effort with a €1 billion mandate.
2003 - NIB Capital receives a new €7 billion mandate from ABP and PGGM, covering the period 2003–2005, for fund investments, secondary investments, co-investments and lead investments in the Benelux/German mid-market.
Press conference announcing the creation of a joint venture with The Carlyle Group.
2004 - NIB Capital Private Equity spun out to ABP and PGGM and renamed "AlpInvest Partners".[14]
2006 - AlpInvest receives a new investment mandate from ABP and PGGM initially amounting to €11 billion, covering the period 2006–2008 (the mandate size increased over time). This represented one of the largest mandates ever granted in the international private equity markets.[15]
2006 - AlpInvest spins off its European middle market buyout business, which is subsequently renamed Taros Capital[10][16] in order to focus exclusively on investments in private equity funds and alongside relationship financial sponsors.
2006 - AlpInvest opens its first Asian office in Hong Kong.
2007 - AlpInvest receives a €2 billion mandate to invest in global mezzanine debt transactions[17] and a €500 million Cleantech investment covering the period 2007–2009.
AlpInvest is among the largest investors in private equity funds, globally, historically allocating as much as €4 billion per year to leveraged buyout (large-cap, middle-market, lower middle market), venture capital and special situations funds, among other strategies. AlpInvest maintains relationships with many of the leading managers in difficult to access segments of private equity. In many cases, AlpInvest is a strategic investor and tends to be among the largest investors in each fund in which it invests. AlpInvest's funds team is made up of more than 25 professionals based globally in Europe, North America and Asia.
Secondary investments
AlpInvest's secondary investments group focuses on the purchase of existing portfolios of private equity assets.
In the secondary market, AlpInvest operates as an independent investment group with a large dedicated team, comparable to other secondary firms and is one of the largest buyers of private equity assets in the secondaries market.[33] AlpInvest's secondary investments include purchases of limited partnership interests, spin-outs of captive private equity groups, stapled secondary transactions, securitizations, joint ventures and secondary direct transactions.
Although most secondary transactions are kept confidential, the following transactions have been disclosed:[34]
AlpInvest underwrote the equity of a $500 million newly formed vintage fund-of-funds consisting of approximately 40 underlying private equity partnerships in a joint venture with Swiss Re and Horizon 21, a fund manager.
AlpInvest, together with HarbourVest Partners, completed a secondary transaction involving the establishment of a new fund, Paragon Partners. As a result of the transaction, Paragon Partners acquired an existing portfolio of three European companies providing an exit to German private equity fund manager Afinum.
AlpInvest, together with AXA Private Equity, purchased a cornerstone interest in West Private Equity, subsequently renamed Lyceum Capital, and simultaneously made a new commitment to Lyceum Capital's second fund.
AlpInvest, together with Lexington Partners purchased a $1.2 billion private equity portfolio from Dayton Power & Light, consisting of 46 fund interests. At the time of its completion, the DPL transaction represented one of the largest private equity funds portfolios acquired in the secondary market.
AlpInvest was a lead investor in the €1.5 billion divestiture by Deutsche Bank of its direct and co-investment portfolio of private equity interests, consisting of over 100 underlying companies. The sale was part of a spin-out of what would become the private equity firm, MidOcean Partners. At the time of its completion, the MidOcean transaction was the largest secondary market completed.
AlpInvest traditionally invests alongside leading financial sponsors in leveraged buyouts and growth capital transactions. Since inception, AlpInvest has invested more than €3 billion in over 100 transactions and is among the most active co-investors in private equity transactions.[citation needed] The firm's dedicated co-investment team is made up of more than 25 professionals across its equity and mezzanine products operating in Europe, North America and Asia.
The following is a list of selected notable companies that AlpInvest has invested in alongside other private equity general partners, either as an equity co-investor or as a mezzanine debt provider:
A provider of software and services to education, financial services and public sector organizations, acquired by one of the largest consortia of private equity investment firms
A Netherlands-based retail group that operates: Brico, de Bijenkorf, Claudia Sträter, M&S, Praxis and Vroom & Dreesmann and formerly operated HEMA, Hunkemöller, and Praxis
ABP and PFZW collectively had assets of over $500 billion as of December 31, 2012 and are among the largest pension funds in the world.
Prior to 2011, AlpInvest had not historically solicited capital from other investors or institutions. Following its spinout from the Dutch pension funds, AlpInvest has been actively raising capital from institutional investors in North America, Europe, Asia, South America and Africa.
^Co-Investment: Judge, Elizabeth (October 28, 2006). "Times on line". Candover boards Ferretti in deal worth €1.7 billion. London. Retrieved November 15, 2006.
^Co-Investment: Permira had a 54 times return of its original investment from the company's brief listing on the Italian Stock Exchange from 2000 to 2001. "Business Week". Ferretti: That's Italian for Yacht. Archived from the original on 16 November 2006. Retrieved November 15, 2006.
$63 billion (December 31, 2022)[1]
