National Bank of Greece seeks buyer for PE spin-out

London-based NBGI Private Equity is the latest bank spin-out expected to produce a structured secondaries deal.

The National Bank of Greece (NBG) will sell its private equity subsidiary NBGI Private Equity if it receives a bid of around €300 million, a third of its original €900 million value, according to two sources with knowledge of the process.

Cogent Partners are advising NBGI Private Equity on the sale, which would see the proposed buyer take the full NBGI PE portfolio, similar to a direct secondary deal, said one source.

Cogent declined to comment and NBG did not respond to requests for comment at press time.

Formed in 2000, NBGI Private Equity specialises in venture and growth capital and buyout funds in Europe and North America.

In August 2013, co-founder of NGBI Private Equity, Mark Owen, announced his intention to leave the company, with investment directors Robert Babington and Lawrence Deane covering Owen’s role at the firm, according to PEI data.

NBGI raised three $100 million funds launched in 2008: NBGI Private Equity France, NBGI Turkish Private Equity Fund and NBGI Energy Fund, all of which are currently investing, according to PEI data.

Its most recent private equity fund, NBGI Private Equity II, raised $100 million in 2007, according to PEI data.