Listed PE Vehicle Stops Making Commitments

Luxembourg-based BIP Investment Partners will no longer make new private equity fund commitments, and instead plans to concentrate on building its direct private equity and public equity portfolio.

As of Dec. 31, 2009, BIP Investment Partners had total assets under management of €354.7 million ($481.6 million), including public equities, direct private equity (including both venture capital and buyouts) and private equity funds. Private equity funds account for 11 percent, or €38.1 million of assets. This is down from €41 million, or 13 percent of assets in 2008.

Most recently, in line with its decision to wind down its private equity fund investment business, BIP Investment Partners sold its stakes in Carlyle European Technology Partners I and II, receiving a cash payment of almost €4 million and eliminating €6 million in future commitments.

The current BIP Investment Partners fund portfolio has a strong exposure to European venture funds, but it is also committed to global, U.S. and European primary and secondary private equity funds (including both venture and buyouts).

The portfolio includes, on the buyout side, Apax France VII and Hamilton Lane Co-Investment Fund. Venture funds include Carlyle Venture Partners II, Life Sciences Partners III, Lynx Capital Ventures, Mangrove I and II, Millennium Material Technologies Fund II and Vertex III.

BIP Investment Partners was set up in April 2000 as a joint initiative between Banque Générale du Luxembourg, now Fortis Banque Luxembourg, and several private investors. The investment company is listed on the Luxembourg stock exchange.