The Royal Bank of Scotland has sold its private equity portfolio to a consortium led by Coller Capital, a specialist in second-hand leveraged buy-out and venture capital portfolios, for £670m (E1.1bn).
RBS assumed the interests in unquoted companies when it acquired the National Westminster Bank and its then private equity arm NatWest Equity Partners. NWEP, renamed Bridgepoint Capital following a management buy-out, will continue to manage the portfolio.
RBS told the Financial Times the £522m consideration represented a premium to the last proper valuation of the portfolio. Coller Capital will gain 57% of the concern, which represents investments in 292 European companies.