Van Lanschot Kempen Investment Management has launched its second private equity fund focused on North America, expanding its private markets offering to private banking clients. The new vehicle, Kempen North American Private Equity Fund II, provides access to small and mid-sized private companies across the region through a combination of carefully selected specialised private equity managers and direct co-investments.
The fund is structured as a closed-end vehicle with a ten-year term and marks the firm’s sixth private equity fund since 2018. It follows the strategy of its predecessor by blending fund investments with co-investments to enhance diversification and support earlier positive cash flow generation.
The launch comes amid sustained demand for exposure to private markets. In 2025, private banking clients committed more than €540 million to the firm’s private equity funds, reflecting a growing appetite for illiquid strategies within diversified portfolios.
The strategy remains focused on small and mid-sized companies in North America, targeting relatively lower entry valuations, prudent use of leverage and active operational and strategic improvement programs. The firm views these businesses as forming the backbone of the North American economy and offering compelling long-term return potential.
The Kempen North American Private Equity Fund II is a sub-fund of Van Lanschot Kempen Umbrella III Coöperatief U.A., domiciled in the Netherlands. It is intended exclusively for professional investors or experienced retail investors (qualified investors). The fund is classified as risk class 6 under the Essential Information Document due to its quarterly valuation frequency and high assessed likelihood of potential losses. The vehicle falls under SFDR Article 6.
As of 30 June 2025, Van Lanschot Kempen Investment Management managed €121.8 billion in client assets.
KEY QUOTES:
“The demand for private markets offerings remains strong. In 2025, private banking clients committed more than €540 million to our private equity funds, which have become a component of well-diversified investment portfolios. As a wealth manager with an in-house investment manager, we can respond to this demand with diversified solutions. Thanks to our broad network and the long-standing expertise of our private markets specialists, we offer clients access to opportunities that were traditionally available only to institutional investors.”
Wendy Winkelhuijzen, Member of the Management Board of Van Lanschot Kempen, responsible for Private Banking Netherlands
“North America is the world’s largest and most dynamic private equity market. Despite the challenging geopolitical environment, we continue to see a wide range of high-quality companies with realistic valuations in the North American private equity sector. Our investment approach remains unchanged and focuses on small and mid-sized companies with relatively lower entry valuations, responsible use of leverage, and strong operational and strategic improvement programs. In North America, these companies form the backbone of the economy and often offer the highest return potential. In this way, we cater to the demand for attractive illiquid investment opportunities that could contribute to expected long-term growth.”
Sven Smeets, Head of the Private Equity Strategy at Van Lanschot Kempen Investment Management
