A change in ownership of Europe's largest private equity investor will take it a step further in its development, according to its chief executive.

NIB Capital, the merchant bank owned by Dutch pension funds PGGM and ABP, spun off its private equity arm, NIB Capital Private Equity, last week. PGGM and ABP have taken a direct, equal ownership of the firm, renamed AlpInvest Partners, in a deal valuing it at €270m ($342m).