Alvarez & Marsal’s Portfolio Advisory Group advised NIBC on a successful LP-led secondary transaction involving the sale of a portfolio of private equity fund interests to De Wereld van Vermaat, through its fund investment arm, M Eight. In an environment where institutional investors are actively optimising capital and balance sheet efficiency, LP-led secondary solutions offer a flexible and targeted approach to portfolio management. In this context, the transaction involved the sale of nearly all of NIBC’s non-core fund portfolio, marking an important milestone in the bank’s broader balance sheet optimisation strategy. For De Wereld van Vermaat, the acquisition further strengthens its growing and internationally diversified fund portfolio, which now comprises interests in more than 60 funds and exposure to more than 1,500 underlying companies.

A&M Approach

Alvarez & Marsal worked closely with NIBC to design and execute a tailored LP-led secondary solution. The team:

• Developed a clear transaction strategy aligned with NIBC’s balance-sheet and capital objectives
• Prepared a streamlined and confidential marketing approach suitable for the portfolio
• Identified and engaged a focused group of credible secondary buyers with the ability to move quickly and deploy their own capital
• Managed the full process from structuring and negotiation through to execution, coordinating closely with internal stakeholders and external advisors

Outcome

As a result, NIBC was able to materially reduce its non-core portfolio and accelerate progress toward its strategic objectives. At the same time, De Wereld van Vermaat acquired a diversified portfolio aligned with its long-term fund investment strategy, reinforcing its position as an active and entrepreneurial investor in fund interests.

The transaction also highlights the continued growth of the European secondary market, as well as the increasing importance of LP-led solutions as a tool for active portfolio management, liquidity generation and strategic rebalancing.

Client quote

“A&M brought clarity, focus and momentum to the process. Their practical approach and deep understanding of the secondary market helped us achieve an efficient outcome that supported our broader strategic goals.” - Representative of NIBC

A&M quote

“This was a highly collaborative process that required balancing speed, certainty and value for our client,” said Hardeep Sandhu, Managing Director in A&M’s Portfolio Advisory Group. “We are proud to have supported NIBC in achieving a clean and efficient solution, and to have worked alongside De Wereld van Vermaat and M Eight on a transaction that aligned the objectives of both sides.”