AlpInvest backs Fortis spin-out

Nazca Capital, a Spanish mid-market operation, will commence raising a third fund targeting €150m with AlpInvest as its cornerstone investor.

European fund of funds AlpInvest has backed the spin-out of Nazca Capital from Fortis Bank.

AlpInvest, which is one of Europe’s largest limited partners, has acquired Fortis’ stake in the Spanish mid-market firm. Fortis had been the original and sole financial sponsor of Nazca for its first two funds, the latest of closed on €150 in early 2007.

From the left: Carlos Carbó, Miguel Canalejo and Alvaro Mariátegui

As part of the transaction, AlpInvest will make an injection into Nazca’s current vehicle, and will become the cornerstone investor in its next fund, Nazca III, which like its predecessor will target €150 million.

The consideration paid by AlpInvest was not disclosed.

Fortis was one of the three banks, along with RBS and Santander, behind the ill-fated acquisition of ABN AMRO in 2007. In October 2008 Fortis was bought by French banking group BNP Paribas for €14.5 billion.

Nazca was established as a joint venture with Fortis Bank in 2001 by its three partners Carlos Carbó, Alvaro Mariátegui and Miguel Canalejo.

Following its spin-out it will continue to invest in Spanish companies with enterprise values of between €50 million and €150 million.