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ING agrees to sell interest in German private equity partnership


ING Group has reached an agreement to sell its 100% interest in its German private equity fund “Steadfast Capital Beteiligungen I,” which is managed by Steadfast Capital, formerly known as BHF Private Equity.

The fund comprises 16 investments in medium-sized German companies and other private equity funds. ING’s interest will be purchased by a Consortium led by AXA Private Equity as adviser of AXA Secondary Fund III, and including Paul Capital Partners and Credit Suisse First Boston Strategic Partners. The sale will release ING from its commitment to provide up to EUR 305 million in capital for the fund. Financial details of the transaction were not disclosed, however the sale will have no significant impact on the earnings or financial ratios of ING Group.

ING has also agreed to invest into Steadfast Capital’s new private equity fund, “Steadfast Capital Fund II,” which will be raised in 2006. With a target volume of EUR 200 million to EUR 250 million, the fund will invest predominantly in medium-sized companies in Germany, the Netherlands, Austria and Switzerland. ING will commit EUR 110 million, the Consortium a further EUR 30 million and Steadfast Capital will raise an additional EUR 60 million to EUR 110 million from new investors for the fund.

Both transactions are subject to regulatory approvals and are expected to be completed in the first quarter of 2006.

For ING, the sale of “Steadfast Capital Beteiligungen I” follows the decision to sell most of its German unit, ING BHF-Bank, last year. In Germany, ING Wholesale Banking provides products and services to key clients through its unit ING Bank Deutschland AG. ING’s direct banking business in Germany, ING DiBa, is not affected by these transactions.

ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries.
With a diverse workforce of over 114,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.


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