As part of its continuing restructuring process in order to promote profitability, Dresdner Bank has sold the private equity portfolio with an original commitment value of approximately E1.1 billion to AIG Global Investment Group (AIGGIG), whose member companies are subsidiaries of American International Group.
The portfolio consists of some 150 holdings in various North American and European investment funds. Final closing of the transaction is expected to take place later this year. The parties have agreed not to disclose the sale price of the portfolio.
Through this transaction, we will exit nearly all of Dresdner Bank’s remaining private equity investments, commented Jan Kvarnstrom, CEO of the institutional restructuring unit and member of the board of managing directors of Dresdner Bank. The sales process has been handled through a competitive bidding process, which has allowed us to achieve a full and fair price, well in line with our targets.
The ongoing private equity investment activities of Allianz Private Equity Partners and Allianz Capital Partners are not related to this IRU transaction.
