ABN ends PE activity in Spain and Italy

ABN AMRO Capital has spun-out from Dutch investment bank ABN AMRO to become AAC Capital Partners, and closed down its operations in Italy and Spain in the process.

The new firm, which has received an investment of €2bn from its former parent in exchange for a 20% stake, is to concentrate on Northern Europe. Its existing Spanish investments are to be handled by a locally-based team to exit, and the firm is currently working on plans to spin-out its Italian investments into an independently managed fund.

The executives of AAC Capital own 80% of the firm, who work from London, Amsterdam and Stockholm. The new firm will continue ABN AMRO Capital’s investment strategy by focusing on investments valued in the €50m to €500m range.