Alpinvest, the world's largest private equity investor with €20bn ($24bn) of commitments, has spun out its direct buy-out team. The separation will allow Alpinvest to focus on primary, secondary and co-investments, and mezzanine deals.

The team will gain independence from Alpinvest at the beginning of 2006 and will be known as Taros Capital. It currently manages €550m for acquisitions in the Benelux region and Germany.