ING has reached an agreement in principle with Baring Private Equity Partners (BPEP) for a management buy out. BPEP has USD 2 billion of private equity funds under management, including USD 360 million managed on ING´s behalf. BPEP will continue to manage ING´s existing commitments in Baring Private Equity funds. Third party investors account for more than 80% of BPEP´s total funds under management.
While ING continues to regard private equity as an attractive asset class to invest in, this agreement is in line with ING´s strategy to focus on its core businesses.
The agreement is subject to regulatory approvals. ING and the management of BPEP expect the completion of the transaction by year-end. The value of the transaction will not be disclosed.
Source: ING Group