Luxembourg offers one of Europe’s most extensive menus of fund structures—RAIF, SCS/SCSp, Sicav, SIF, Eltif—used widely by global asset managers. So it’s notable that Dutch private bank Van Lanschot Kempen has opted for a domestic cooperative, not a Luxembourg vehicle, for its new private equity secondaries fund.
The Private Equity Secondaries Evergreen Solution, launched this week, is an open-ended fund available only to Dutch clients.
“On the one hand, we offer the Private Markets Solutions Fund, an open-ended fund spread across multiple categories that now manages around 700 million euro. On the other hand, we have the ‘classic’ closed-end private equity funds, of which we have now completed the third version,” said Rutger-Jan Leewens, head of private equity solutions. “This new fund has characteristics of both extremes.”
The new fund accepts quarterly subscriptions, has a three-year lock-up, and allows quarterly redemptions thereafter. The entry minimum is 100,000 euro, far lower than typical closed-end private equity funds.
Focus on GP-led secondaries
The strategy targets GP-led secondaries, where general partners roll existing assets into a new vehicle and stay involved.
“We believe this will enable us to maintain quality,” said portfolio manager Jorrit Willigers. “These are companies in which the original investor remains involved. Often, the motive for a secondary is not that no buyer can be found, but that the GP wants to remain involved in the growth of the company.”
The fund will also invest in co-investments, focusing on mid-market companies in Europe and the United States.
Democratising access
The structure and lower threshold reflect a broader trend: making private markets more accessible. Van Lanschot Kempen entered this space in 2018. Larger independent Dutch wealth firms and private banks have recently introduced similar options for high-net-worth clients with smaller portfolios.
The decision not to use a Luxembourg structure comes as other banks, including ING, prepare to roll out Eltifs later this year. These EU-regulated vehicles are designed to support SME investment and allow broader retail access.
Asked whether Van Lanschot Kempen would follow through with an Eltif, Willigers said this remains to be decided: “It is definitely on the radar. But at the moment, we have no indication that we will actually offer an Eltif.”
This article is based on the original that was published on InvestmentOfficer.nl.