The Gimv-XL fund is in talks with potential investors to raise additional capital for its second closing later this year and has appointed Luc Vandewalle as chairman of its supervisory
The Gimv-XL fund is in talks with potential investors to raise additional capital for its second closing later this year and has appointed Luc Vandewalle as chairman of its supervisory board.
Peter Maenhout is heading the Gimv-XL fund since the beginning of this month.
At the end of last year Gimv announced the successful first closing of the Gimv-XL fund. The fund focuses on growth companies with an enterprise value of EUR75m to EUR750m. The companies in which the fund wants to invest should have a sound business model and the potential to expand their business from Flanders to the international market.
The Gimv-XL fund got started in January with a capital of EUR500m. As initiator and cornerstone investor, Gimv committed EUR250m to the fund. The co-sponsor, Vlaamse Participatiemaatschappij, contributed another EUR250m. Currently the fund is having its first talks in view of the fund’s second closing later this year.
In December 2008 Gimv invested EUR25m in renewable energy company Electrawinds. This shareholding has now been assigned to the Gimv-XL fund.
‘The Gimv-XL fund got off to a flying start. We have a strong dealflow, as illustrated by our first two investments. Moreover, we are looking into other deals’, says Maenhout. ‘We are currently looking to extend the investment team of Gimv-XL.’
Vandewalle (pictured), chairman of the board of directors of ING Belgium, has in the meantime accepted the position of independent chairman of the supervisory board of Gimv-XL. The board will oversee the governance of the fund towards all investors.
Koen Dejonckheere and Jean-Claude Deschamps are also members of the supervisory board on behalf of Gimv (sponsor) and VPM (co-sponsor) respectively.
Dejonckheere says: ‘We are working on the second closing of the fund, which we hope to have later this year. During fundraising it has also become clear that in a short period of time Gimv-XL has taken a significant position that does not go by unnoticed. Finally, we are also very pleased to welcome Luc Vandewalle as independent chairman of our supervisory board.’
