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Goldman completes ABN AMRO secondaries deal

AAC Capital Partners, the former ABN AMRO buyout team, has secured €950m for further acquisitions from investors including Goldman Sachs, the CPPIB, AlpInvest and Adams Street.

A consortium led by Goldman Sachs Asset Management has completed the acquisition of 20 Northern European private equity assets in a secondaries deal from Dutch bank ABN AMRO.
The assets will continue to be managed by the Dutch bank’s former captive private equity arm, which has rebranded as independent firm AAC Capital. While financial details were not disclosed, a source close to the situation pegged the asset sale price at around €600 million when PEO first reported the story in August.

[quote]We now have a substantial war chest with which to take advantage of increasingly attractive pricing.[/quote] As part of the deal, the Goldman-led consortium and ABN AMRO have between them committed €950 million, €500 million from the bank and €450 million fom the consortium, to AAC’s current investment programme, which already includes 11 warehoused acquisitions completed since October 2006.

“We now have a substantial war chest with which to take advantage of the increasingly attractive pricing of potential investments,” said chairman and managing partner of AAC Capital Partners, Gerben Kuijper.
The members of the Goldman Sachs-led consortium include the Canada Pension Plan Investment Board and fund of funds firms AlpInvest Partners and Adams Street Partners.

AAC Capital Partners is now wholly owned by its executives, who recently completed the acquisition of ABN AMRO’s remaining minority stake in the business.
AAC Capital Partners has completed three buyouts and 25 add-on investments so far this year. It now has assets under management of €1.7 billion
.