Alpinvest is close to a deal that will see the fund of funds change ownership from Dutch pension schemes APG and PGGM to either the Carlyle Group, HarbourVest Partners or hedge fund Grosvenor Capital Management.
The Financial Times reports that the sale is the result of public criticism over pay packets at Alpinvest, which manages €46bn and invests on behalf of civil servants, teachers and healthcare workers in the Netherlands
APG and PGGM each hold a 50 per cent stake in AlpInvest, an investor in private equity funds and secondaries.
APG committed €5.3bn last year for AlpInvest’s 2009/2010 mandate. The private equity fund investor said that it had made €1.7bn total investments in 2009, and €1bn in realisations.
Caryle is one of the biggest buyout houses in the industry, though it does not yet have a fund investment arm, instead making direct investments into companies.
HarbourVest, however, is an established player in the fund of funds trade, and has committed more than $22bn (€15.7bn) in its 28-year history.
Many expect the fund of funds industry to consolidate – the UK’s Hermes and Gartmore merged their fund investment branches to create Hermes GPE in April this year.
David Rubenstein, chief of Carlyle, which is thought to be vying with HarbourVest for Alpinvest, told the Financial Times that he expects private equity firms to diversify their offerings by becoming broader alternative asset managers.