Gimv launches growth vehicle

Belgian private equity firm Gimv has launched a growth fund with the backing of the Flemish Government.

The fund – called simply XL – has raised €500m so far, €250m from Gimv itself, and €250m from the government. Fundraising will now turn to other interested investors, with an aim to close before the end of 2009.

The fund will focus on growth companies with an enterprise value between €75m and €750m.