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59-464: AlpInvest operates three investment teams focused on private equity: Primary Fund Investments , Secondary and Portfolio Finance investments and Co-Investments . AlpInvest pursues investment opportunities across the entire spectrum of private equity including: large buyout , middle-market buyout , private credit , venture capital , growth capital , mezzanine , distressed and energy investments , including sustainable energy investments. As of

118-689: A binding decision . The members of the Court are appointed from among the judges of the 'Cour de cassation' of Belgium, the 'Hoge Raad of the Netherlands' and the 'Cour de cassation' of Luxembourg . Benelux General Secretariat: The General Secretariat, which is based in Brussels, forms the cooperation platform of the Benelux Union. It acts as the secretariat of the Committee of Ministers,

177-459: A decision can directly create rights and obligations for citizens or companies. 2. Agreements The Committee of Ministers can draw up agreements, which are then submitted to the Benelux states (and/or their sub-state entities) for signature and subsequent parliamentary ratification. These agreements can deal with any subject matter, also in policy areas that are not yet covered by cooperation in

236-421: A different type of collective investment scheme (typically one type per FOF), for example a mutual fund FOF, a hedge fund FOF, a private-equity FOF, or an investment trust FOF. The original Fund of Funds was created by Bernie Cornfeld in 1962. It went bankrupt after being looted by Robert Vesco . Investing in a collective investment scheme may increase diversity compared with a small investor holding

295-691: A new Benelux Treaty on Police Cooperation in 2018, providing for direct access to each other's police databases and population registers within the limits of national legislation, and allowing some police forces to cross borders in some situations. The Benelux is also committed to working together on adaptation to climate change . A joint political declaration in July 2020 called on the European Commission to prioritise cycling in European climate policy and Sustainable Transport strategies, to co-finance

354-589: A result of the Bernie Madoff investment scandal , where many FOFs put substantial investments into the scheme. It became clear that a motivation for this was the lack of fees by Madoff, which gave the illusion that the FOF was performing well. The due diligence of the FOFs apparently did not include asking why Madoff was not making this charge for his services. 2008 and 2009 saw FOFs take a battering from investors and

413-669: A secondary investment platform, which has emerged as one of the largest buyers of private equity assets in the secondaries market . The following is a timeline of significant milestones: In recent years, AlpInvest has won several industry awards as a limited partner. * This award was initiated in 2005. AlpInvest was the first recipient. AlpInvest is among the largest investors in private equity funds, globally, historically allocating as much as €4 billion per year to leveraged buyout (large-cap, middle-market, lower middle market), venture capital and special situations funds, among other strategies. AlpInvest maintains relationships with many of

472-486: A smaller range of securities directly. Investing in a fund of funds may achieve greater diversification . According to modern portfolio theory , the benefit of diversification can be the reduction of volatility while maintaining average returns. However, this is countered by the increased fees paid both at FOF level and at the level of the underlying investment fund. Management fees for FOFs are typically higher than those on traditional investment funds because they include

531-573: Is Frans Weekers from the Netherlands and there are two deputies: Deputy Secretary-General Michel-Etienne Tilemans from Belgium and Deputy Secretary-General Jean-Claude Meyer from Luxembourg. The presidency of the Benelux is held in turn by the three countries for a period of one year. Belgium holds the presidency for 2024. About 80 percent of the Benelux population speaks Dutch, about 20 percent speaks French and one percent Luxembourgish as their native language. A small minority under one percent are native German speakers. In 1944, exiled representatives of

590-536: Is a politico - economic union and formal international intergovernmental cooperation of three neighbouring states in Western Europe : Belgium , the Netherlands , and Luxembourg . The name is a portmanteau formed from joining the first few letters of each country's name and was first used to name the customs agreement that initiated the union (signed in 1944). It is now used more generally to refer to

649-429: Is a list of selected notable companies that AlpInvest has invested in alongside other private equity general partners, either as an equity co-investor or as a mezzanine debt provider : Source: AlpInvest website AlpInvest's primary beneficiaries are the 4.8 million participants in the pension funds Stichting Pensioenfonds ABP (ABP) and Stichting Pensioenfonds Zorg en Welzijn (PFZW, formerly PGGM), both based in

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708-478: Is an investment strategy of holding a portfolio of other investment funds rather than investing directly in stocks , bonds or other securities . This type of investing is often referred to as multi-manager investment . A fund of funds may be "fettered", meaning that it invests only in funds managed by the same investment company, or "unfettered", meaning that it can invest in external funds run by other managers. There are different types of FOF, each investing in

767-402: Is based on information published by Preqin in 2020: A fund of hedge funds is a fund of funds that invests in a portfolio of different hedge funds to provide broad exposure to the hedge fund industry and to diversify the risks associated with a single investment fund. Funds of hedge funds select hedge fund managers and construct portfolios based upon those selections. The fund of hedge funds

826-663: Is concerned, the community and regional governments, signed in Brussels the Treaty of the Benelux Interparliamentary Assembly. This treaty entered into force on 1 August 2019. This superseded the 1955 Convention on the Consultative Interparliamentary Council for the Benelux. The official name has been largely obsolete in daily practice for a number of years: both internally in the Benelux and in external references,

885-566: Is not part of the Benelux Union. The Benelux General Secretariat is located in Brussels . It is the central platform of the Benelux Union cooperation. It handles the secretariat of the Committee of Ministers, the Council of Benelux Union and the sundry committees and working parties. The General Secretariat provides day-to-day support for the Benelux cooperation on the substantive, procedural, diplomatic and logistical levels. The Secretary-General

944-469: Is one of the largest private equity fund investors and is also among the largest and most active and experienced investors in private equity secondaries . AlpInvest also invests directly alongside some of the largest private equity investors through an active co-investment program and will make mezzanine debt investments into companies owned by financial sponsors . Following this spin-off of its European middle market leveraged buyout platform, which

1003-560: Is particularly active in the field of intellectual property . The three countries established a Benelux Trademarks Office and a Benelux Designs Office, both situated in The Hague . In 2005, they concluded a treaty establishing the Benelux Office for Intellectual Property , which replaced both offices upon its entry into force on 1 September 2006. This organisation is the official body for the registration of trademarks and designs in

1062-452: Is responsible for hiring and firing the managers in the fund. Some funds of hedge funds might have only one hedge fund in them, which lets ordinary investors into a highly acclaimed fund, or many hedge funds. Funds of hedge funds generally charge a fee for their services, always in addition to the hedge fund's management and performance fees, which can be 1.5% and 15–30%, respectively. Fees can reduce an investor's profits and potentially reduce

1121-503: The Benelux and Germany . As the firm evolved, AlpInvest shifted its focus toward an expansion of its investment management business. In 2000, AlpInvest expanded its investment platform, by creating a dedicated equity co-investment team to invest in transactions alongside its core private equity managers. The following year, in 2001, the firm began a formal effort to make mezzanine investments. A year later, in 2002, AlpInvest launched

1180-695: The European Coal and Steel Community , the European Economic Community (EEC), and the European Community – European Union (EC–EU). The three partners also launched the Schengen process, which came into operation in 1985. Benelux cooperation has been constantly adapted and now goes much further than mere economic cooperation, extending to new and topical policy areas connected with security, sustainable development, and

1239-773: The Netherlands . ABP and PFZW collectively had assets of over $ 500 billion as of December 31, 2012 and are among the largest pension funds in the world. Prior to 2011, AlpInvest had not historically solicited capital from other investors or institutions. Following its spinout from the Dutch pension funds, AlpInvest has been actively raising capital from institutional investors in North America, Europe, Asia, South America and Africa. Among AlpInvest's most notable U.S. clients are Municipal Employees' Retirement System of Michigan (MERS) and Indiana Public Retirement System (INPRS). Fund of funds A "fund of funds" ( FOF )

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1298-677: The Nordic Council (Sweden, Denmark and Finland), and all the other countries EU member states , sought to increase cooperation in the Digital Single Market , as well as discussing social matters, the Economic and Monetary Union of the European Union , immigration and defence cooperation. Foreign relations in the wake of Russia's annexation of Crimea and the 2017 Turkish constitutional referendum were also on

1357-507: The Benelux Organisation for Intellectual Property is also an independent organisation. Benelux Committee of Ministers: The Committee of Ministers is the supreme decision-making body of the Benelux. It includes at least one representative at ministerial level from the three countries. Its composition varies according to its agenda. The ministers determine the orientations and priorities of Benelux cooperation. The presidency of

1416-453: The Benelux. In addition, it offers the possibility to formally record the existence of ideas, concepts, designs, prototypes and the like. Some examples of recent Benelux initiatives include: automatic level recognition of diplomas and degrees within the Benelux for bachelor's and master's programs in 2015, and for all other degrees in 2018; common road inspections in 2014; and a Benelux pilot with digital consignment notes ( e-CMR ) in 2017;

1475-435: The Committee rotates between the three countries on an annual basis. Benelux Council: The council is composed of senior officials from the relevant ministries. Its composition varies according to its agenda. The council's main task is to prepare the dossiers for the ministers. Benelux InterParliamentary Consultative Council: The Benelux Parliament (officially referred to as an "Interparliamentary Consultative Council")

1534-498: The Dutch pension funds ( ABP and PFZW ). Founded in 1999, AlpInvest has offices in New York , Amsterdam , London , Hong Kong , San Francisco , Indianapolis , Singapore and Tokyo with over 100 investment professionals and over 175 employees. With over $ 55 billion of funds under management, AlpInvest is one of the largest investors in the private equity asset class globally. AlpInvest pursues investment opportunities across

1593-419: The Treaty establishing the Benelux Union or other Benelux treaties. Their legally binding force concerns the Benelux states (and their sub-state entities), which have to implement them. However, they have no direct effect towards individual citizens or companies (notwithstanding any indirect protection of their rights based on such decisions as a source of international law). Only national provisions implementing

1652-853: The agenda. Since 2008 the Benelux Union works together with the German Land (state) North Rhine-Westphalia. In 2018 Benelux Union signed a declaration with France to strengthen cross-border cooperation. Under the 2008 treaty there are five Benelux institutions: the Benelux Committee of Ministers, the Benelux Council, the Benelux Parliament, the Benelux Court of Justice, the Benelux Secretariat General. Beside these five institutions,

1711-483: The areas of economy, sustainability and security. Benelux works together on the basis of an annual plan embedded in a four-year joint work programme. The Benelux Union involves intergovernmental cooperation. The Treaty establishing the Benelux Union explicitly provides that the Benelux Committee of Ministers can resort to four legal instruments (art. 6, paragraph 2, under a), f), g) and h)): 1. Decisions Decisions are legally binding regulations for implementing

1770-686: The border to work in the Netherlands each day. In addition, 12,000 Dutch and close to a thousand Luxembourg residents work in Belgium. The main institutions of the Union are the Committee of Ministers, the Council of the Union, the General Secretariat, the Interparliamentary Consultative Council and the Benelux Court of Justice while the Benelux Office for Intellectual Property covers the same land but

1829-474: The construction of cycling infrastructure , and to provide funds to stimulate cycling policy. On 5 June 2018, the Benelux Treaty celebrated its 60 years of existence. In 2018, a Benelux Youth Parliament was created. In addition to cooperation based on a Treaty, there is also political cooperation in the Benelux context, including summits of the Benelux government leaders. In 2019 a Benelux summit

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1888-462: The council and various commissions and working groups . The General Secretariat has years of expertise in the area of Benelux cooperation and is familiar with the policy agreements and differences between the three countries. Building on what already been achieved, the General Secretariat puts its knowledge, network and experience at the service of partners and stakeholders who endorse its mission . It initiates, supports and monitors cooperation results in

1947-551: The economy. In 1965, the treaty establishing a Benelux Court of Justice was signed. It entered into force in 1974. The court, composed of judges from the highest courts of the three states, has to guarantee the uniform interpretation of common legal rules. This international judicial institution is located in Luxembourg. The 1958 Treaty between the Benelux countries establishing the Benelux Economic Union

2006-464: The end of 2022, the firm had invested in more than 600 private equity funds managed by more than 325 private equity firms . According to the PEI 300, AlpInvest ranked among the 50 largest private equity firms globally. Since 2011, AlpInvest has operated as a subsidiary of The Carlyle Group , a global private equity firm. Prior to 2011, AlpInvest has been owned through a joint venture of its two clients,

2065-445: The entire spectrum of private equity including: large buyout , middle-market buyout , venture capital , growth capital , mezzanine , distressed and sustainable energy investments. AlpInvest also invests across the range of private equity investment channels: AlpInvest invests primarily in private equity limited partnerships and effectively acts as a fund investor , making commitments to private equity funds globally. Among

2124-569: The following transactions have been disclosed: AlpInvest traditionally invests alongside leading financial sponsors in leveraged buyouts and growth capital transactions. Since inception, AlpInvest has invested more than €3 billion in over 100 transactions and is among the most active co-investors in private equity transactions. The firm's dedicated co-investment team is made up of more than 25 professionals across its equity and mezzanine products operating in Europe, North America and Asia. The following

2183-434: The framework of the Benelux Union. These are in fact traditional treaties, with the same direct legally binding force towards both authorities and citizens or companies. The negotiations do however take place in the established context of the Benelux working groups and institutions, rather than on an ad hoc basis. 3. Recommendations Recommendations are non-binding orientations, adopted at ministerial level, which underpin

2242-408: The functioning of the Benelux Union. These (policy) orientations may not be legally binding, but given their adoption at the highest political level and their legal basis vested directly in the Treaty, they do entail a strong moral obligation for any authority concerned in the Benelux countries. 4. Directives Directives of the Committee of Ministers are mere inter-institutional instructions towards

2301-509: The geographic, economic, and cultural grouping of the three countries. The Benelux is an economically dynamic and densely populated region, with 5.6% of the European population (29.55 million residents) and 7.9% of the joint EU GDP (€36,000/resident) on 1.7% of the whole surface of the EU . In 2015, 37% of the total number of EU cross-border workers worked in the Benelux; 35,000 Belgian citizens work in Luxembourg, while 37,000 Belgian citizens cross

2360-434: The leading managers in difficult to access segments of private equity. In many cases, AlpInvest is a strategic investor and tends to be among the largest investors in each fund in which it invests. AlpInvest's funds team is made up of more than 25 professionals based globally in Europe, North America and Asia. AlpInvest's secondary investments group focuses on the purchase of existing portfolios of private equity assets. In

2419-602: The management fees charged by the underlying funds. In its article on Funds of Funds, Investopedia notes that, "Historically, a fund of funds showed an expense figure that didn't always include the fees of the underlying funds. As of January 2007, the SEC began requiring that these fees be disclosed in a line called ' Acquired Fund Fees and Expenses ' (AFFE)." After allocation of the levels of fees payable and taxation, returns on FOF investments will generally be lower than what single-manager funds can yield. However, some FOFs waive

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2478-1030: The media on all fronts from the hollow promises made by over-eager marketers to the strength (or lack) of their due diligence processes to those carefully explained and eminently justifiable extra layers of fees, all reaching their zenith with the Bernie Madoff fiasco. These strategic and structural issues have caused fund-of-funds to become less and less popular. Nonetheless, fund-for-funds remain important in particular asset classes, including venture capital and for particular investors in order for them to be able to diversify their too low or too high level of assets under management appropriately. The FOF structure may be useful for asset-allocation funds, that is, an " exchange-traded fund (ETF) of ETFs" or "mutual fund of mutual funds". For example, iShares has asset-allocation ETFs, which own other iShares ETFs. Similarly, Vanguard has asset-allocation mutual funds, which own other Vanguard mutual funds. The "parent" funds may own

2537-426: The most notable firms with which AlpInvest is invested include: Kohlberg Kravis Roberts , Blackstone Group , Providence Equity Partners and TPG Capital as well as many of the leading middle-market private equity firms and venture capital firms. AlpInvest will invest with these firms either by making commitments to new investment funds or by purchasing funds through the private equity secondary market . AlpInvest

2596-415: The name Benelux Parliament has been used de facto for a number of years now. Benelux Court of Justice: The Benelux Court of Justice is an international court. Its mission is to promote uniformity in the application of Benelux legislation. When faced with difficulty interpreting a common Benelux legal rule, national courts must seek an interpretive ruling from the Benelux Court, which subsequently renders

2655-550: The new federal government structure of Belgium. The original establishing treaty, set to expire in 2010, was replaced by a new legal framework (called the Treaty revising the Treaty establishing the Benelux Economic Union), which was signed on 17 June 2008. The new treaty has no set time limit and the name of the Benelux Economic Union changed to Benelux Union to reflect the broad scope on

2714-494: The purpose of cooperation among the three partners was to put an end to customs barriers at their borders and ensure free movement of persons, capital , services , and goods between the three countries. This treaty was the first example of international economic integration in Europe since the Second World War . The three countries therefore foreshadowed and provided the model for future European integration, such as

2773-526: The renewed Treaty has been reduced and thus simplified. Benelux seeks region-to-region cooperation, be it with France and Germany ( North Rhine-Westphalia ) or beyond with the Baltic States , the Nordic Council , the Visegrad countries, or even further. In 2018, a renewed political declaration was adopted between Benelux and North Rhine-Westphalia to give cooperation a further impetus. The Benelux

2832-500: The same "child" funds, with different proportions to allow for "aggressive" to "conservative" allocation. This structure simplifies management by separating allocation from security selection. A target-date fund is similar to an asset-allocation fund, except that the allocation is designed to change over time. The same structure is useful here. iShares has target-date ETFs that own other iShares ETFs; Vanguard has target-date mutual funds that own other Vanguard mutual funds. In both cases,

2891-454: The same funds are used as the asset-allocation funds. Since a provider may have many target dates, this can greatly reduce duplication of work. According to Preqin (formerly known as Private Equity Intelligence), in 2006, funds investing in other private-equity funds (i.e., FOFs, including secondary funds ) amounted to 14% of all committed capital in the private-equity market. The following ranking of private-equity FOF investment managers

2950-404: The second level of fees (the FOF fee) so that investors only pay the expenses of the underlying mutual funds. Pension funds , endowments and other institutions often invest in funds of hedge funds for part or all of their "alternative asset" programs, i.e., investments other than traditional stock and bond holdings. The due diligence and safety of investing in FOFs has come under question as

3009-521: The secondary market, AlpInvest operates as an independent investment group with a large dedicated team, comparable to other secondary firms and is one of the largest buyers of private equity assets in the secondaries market . AlpInvest's secondary investments include purchases of limited partnership interests, spin-outs of captive private equity groups, stapled secondary transactions, securitizations, joint ventures and secondary direct transactions. Although most secondary transactions are kept confidential,

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3068-470: The so-called Pentalateral Energy Forum , a regional cooperation group formed of five members—the Benelux states, France , Germany , Austria , and Switzerland . Formed on 6 June 2007, the ministers for energy from the various countries represent a total of 200 million residents and 40% of the European electricity network. In 2017 the members of the Benelux, the Baltic Assembly , three members of

3127-664: The three countries signed the London Customs Convention , the treaty that established the Benelux Customs Union. Ratified in 1947, the treaty was in force from 1948 until it was superseded by the Benelux Economic Union. The initial form of economic cooperation expanded steadily over time, leading to the signing of the treaty establishing the Benelux Economic Union ( Benelux Economische Unie , Union Économique Benelux ) on 3 February 1958 in The Hague , which came into force on 1 November 1960. Initially,

3186-489: The total return below what could be achieved through a less expensive mutual fund or exchange-traded fund (ETF). A fund of venture capital funds is a fund of funds that invests in a portfolio of different venture capital funds for access to private capital markets. Clients are usually university endowments and pension funds. Benelux The Benelux Union ( Dutch : Benelux Unie ; French : Union Benelux ; Luxembourgish : Benelux-Unioun ) or Benelux

3245-507: The union. The main objectives of the treaty are the continuation and enlargement of the cooperation between the three member states within a larger European context. The renewed treaty explicitly foresees the possibility that the Benelux countries will cooperate with other European member states or with regional cooperation structures. The new Benelux cooperation focuses on three main topics: internal market and economic union, sustainability, justice and internal affairs. The number of structures in

3304-488: Was created in 1955. This parliamentary assembly is composed of 49 members from the respective national parliaments (21 members of the Dutch parliament, 21 members of the Belgian national and regional parliaments, and 7 members of the Luxembourg parliament). Its members inform and advise their respective governments on all Benelux matters. On 20 January 2015, the governments of the three countries, including, as far as Belgium

3363-697: Was held in Luxembourg. In 2020, a Benelux summit was held – online, due to the COVID-19 pandemic – under Dutch Presidency on 7 October between the prime ministers. As of 1 January 2017, a new arrangement for NATO Air Policing started for the airspace of Belgium, the Netherlands and Luxemburg (Benelux). The Belgian Air Component and the Royal Netherlands Air Force will take four-month turns to ensure that Quick Reaction Alert (QRA) fighter jets are available at all times to be launched under NATO control. The Benelux countries also work together in

3422-514: Was limited to a period of 50 years. During the following years, and even more so after the creation of the European Union, the Benelux cooperation focused on developing other fields of activity within a constantly changing international context. At the end of the 50 years, the governments of the three Benelux countries decided to renew the agreement, taking into account the new aspects of the Benelux-cooperation – such as security – and

3481-672: Was subsequently renamed Taros Capital AlpInvest, by itself, no longer makes control investments directly in privately held companies, but rather invests alongside selected private equity managers . AlpInvest as it is currently known, was established in 1999 as an initiative by its two sponsors, the Dutch pension funds ABP and PFZW (then PGGM ), to create an independent and professional manager for their private equity allocations. AlpInvest's predecessor, NIB Capital Private Equity, originally operated as one integrated investment firm with distinct teams focusing on fund investments as well as lead buyout investments in mid-sized companies located in

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