AlpInvest to manage PE for Dutch pension fund

The firm is setting up a €500m managed account for Pensioenfonds Horeca & Catering

Amsterdam-based AlpInvest Partners has been appointed by Dutch pension fund Pensioenfonds Horeca & Catering as its private equity program manager, according to a joint statement.

Pensioenfonds Horeca & Catering is setting up a separate account with AlpInvest with an expected size of €500 million, which will be invested between 2014 and 2018. The account will focus on investments in private equity funds globally.

The occupational pension fund for the Dutch hospitality and catering industry has more than one million participants on the current and former payroll of around 36,000 employers, as of December 31, 2013. At the end of the third quarter of 2014 the fund’s total assets under management amounted to €6 billion.

The pension fund has been investing in private equity since January 2004, according to its website. Going forward, AlpInvest will now manage the fund’s entire private equity program, according to George Westerkamp, managing director of AlpInvest.

Westerkamp said the managed account is “fully tailored to the specific needs” of the pension fund, and “reaffirms the long collaboration between our organizations in the field of private equity”.

With €37 billion of assets under management, AlpInvest’s activities include primary fund commitments, secondary purchases and co-investments in a variety of private equity segments, including buyout, venture capital, growth capital, mezzanine and distressed. The firm manages programs for several institutional investors globally.

Between 2001 and 2011, AlpInvest invested almost exclusively on behalf of Dutch pensioners in two Dutch pension funds, APG and PGGM. The firm was bought by The Carlyle Group in 2011.