The ING Group agreed to a management-led buyout of Baring Private Equity, its international private equity unit. The value of the transaction was not disclosed. ING Group will retain its $360 million in investments in Baring Private Equity funds but will not participate in any new fund raisings. ING's investments represent 18% of Baring Private Equity's $2 billion in assets under management.
The agreement is expected to be completed by the end of the year, subject to regulatory approval.