ING Barings, the Dutch-owned investment bank, is closing the private equity business that it set up over a year ago, reports Financial News citing an internal memo circulated by the co-head of ING Europe, Hessel Lindenbergh.
Since inception, the group has made eight investments in mostly French companies. The portfolio, which the bank said it would hold on to after the closure, is thought to be worth some E40m.
The business, based in London and Paris and led by Mark Burch and Dominique Grey, operated as a captive private equity fund investing capital from ING Barings’ balance sheet. No external funds were raised.
A spokesperson for the investment bank told Financial News that the move was “just part of the restructuring and integration of our wholesale banking activities.”
The newspaper said that according to a source familiar with the situation, Baring Private Equity Partners, the private equity arm of ING Group, might step in and take control of parts of the portfolio.