AAC Capital trying to raise separate Benelux fund

AAC Capital has so far attracted $60m for Benelux Fund III, its first independent vehicle since spinning out of ABN AMRO in 2007 – as uncertainty continues to surround the future of its UK operation.

Amsterdam-headquartered AAC Capital is looking to raise a Benelux-specific fund, according to a US Securities and Exchange Commission filing – without the involvement of its Nordic and UK divisions. 

In a Form D filing, AAC Capital Benelux indicated that as of 13 January 2013, it had attracted €45 million in fund commitments since 16 May 2011. The target of the fund was undisclosed, but it is understood that it will not target more than €500 million. 

AAC Capital Benelux declined to comment on fundraising progress.  

This Benelux-focused fund would be the first investment vehicle raised by AAC Capital Benelux as an independent entity. The group spun out of Dutch bank ABN AMRO following the takeover by an RBS-led syndicate (which also included Fortis and Santander) in September 2007. 

AAC Capital currently has about €1.7 billion under management across two funds, which are focused on mid-market buyouts in North-Western Europe, according to the firm’s website. AAC Capital NEBO Fund I, a €653.3 million 2007 vintage, and AAC Capital NEBO Fund II, a €964.5 million 2009 vintage, according to Private Equity International’s Research & Analytics division, are managed across its three teams in the Nordic, UK and Benelux. 

After the lifespan of these two funds, it is understood that the three teams will operate separately, and focus on local investments. It is unclear whether the Nordic and UK teams will also raise separate funds. 

Last year, several UK media reported that AAC Capital UK had abandoned plans to raise a £300 million fund and was likely to wind down in the next five years. 

AAC Capital UK and AAC Capital Nordic were not immediately available for comment.