Gimv, an Euronext, Brussels-listed investment company which specialises in private equity and venture capital, announced the successful final closing of the Gimv-XL fund at €609m.
The fund, which started business in January 2009 with €500m, received funding from Gimv (€250m) as initiator and sponsor and VPM (€250m) as co-sponsor.
Additionally, Gimv-XL was able to attract new institutional investors who committed €109m.
In particular, Dexia Bank NV, ING Belgium NV and Ethias NV, already committed €60m to the fund.
Today, the company announched that Dexia Insurance Belgium NV, BNP Paribas Fortis NV (private equity), VM Invest NV, MWM Invest NV and some wealthy private persons and entrepreneurs who have been united in an investment company to be set up by BNP Paribas Fortis NV, have committed other €49m.
The fund focuses on medium-sized and large growth companies with an enterprise value of €75 to 750m, having healthy business activities and the potential to grow from the Flemish into the international market.
Gimv-XL is looking to invest in 10 to 15 companies in various sectors in the period 2009-2014. The investment per company can amount to as much as €100m, in the form of both equity and hybrid equity in a life span of maximum 14 years.
In its first operating year, the fund invested in Electrawinds and Vandemoortele Group for an amount totalling €128m.