Deutsche Bank today announced it has entered into exclusive negotiations with the management team of DB Capital Partners (DBCP) regarding the BankÂ's late stage direct private equity portfolio.
The combined book value of the portfolio is approximately â‚¬1.5 billion. Ted Virtue, Chairman and Chief Executive Officer, and Graham Clempson, European Managing Partner, will lead the management team of DBCP.
In addition, Deutsche Bank and the DBCP management team are in discussions regarding other direct private equity assets with a book value in excess of a further â‚¬1.5 billion.
Negotiations are currently at an early stage. Further announcements will be made as appropriate.
Deutsche Bank has been conducting a review of its private equity operations with the aim of reducing its exposure to direct private equity.
(source: Deutsche Bank)