PGGM expands PE division

The Dutch pension group has hired Harrie van Rijbroek as director, alongside two others to boost its in-house private equity team.

Dutch pension group PGGM has hired former Bencis Capital director Harrie van Rijbroek as director, Luis Pérez as an associate and Christiaan Lensvelt as a junior investment manager in its private equity team, a spokesperson from PPGM told Private Equity International.

Van Rijbroek worked at Bencis for 16 years, most recently as investment director. During his tenure he was involved in a number of deals at the Benelux-focused private equity firm, including the acquisition of private-label clothing company Teidem and Jomo, according to the firm’s website.

Pérez joins the growing team from a role as investment banking analyst at JP Morgan in London, a position that he has held since 2013 following the completion of the bank’s seven-week investment banking training programme in New York.

Christiaan Lensvelt has also joined as an associate, after graduating from Erasmus University in Rotterdam last year, according to his Linkedin profile.

The hires come as PGGM has been building up its in-house private equity team in recent years, following the sale of its private equity vehicle AlpInvest in 2011. The creation of an in-house team enables the group to invest in companies directly and bypass paying private equity firms that do not fully disclose fees, as reported by PEI.

In October 2015, the pension group announced that it would no longer commit capital to funds that fail to disclose fees, and encouraged GPs to pay more attention to transparency.

PGGM manages €180 billion on behalf of five pension funds and invests around €2 billion in private equity annually.