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Novalpina Capital
Novalpina Capital is a asset manager based in London, founded 2017; the Altss profile covers its classification, headquarters, registration, AUM band, and key...
Novalpina Capital
Novalpina Capital is a London-based firm established in 2017. It focuses on mid-market investments in the European industrial sector.
General information
Firm type
Asset Manager
Year founded
2017
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
Stephen Peel
Founder and Managing Partner
Stefan Kowski
Founding Partner
Bastian Lueken
Founding Partner
Sector focus
Frequently asked questions
Who founded Novalpina Capital and what was their prior investment experience?
Stephen Peel, a former TPG partner who co-led the firm's European operations, launched Novalpina in 2017 alongside Stefan Kowski, also ex-TPG, and Bastian Lueken, who had been a senior dealmaker at KKR. The trio marketed their fund as a collaboration of three experienced investors who had collectively deployed significant capital across European control deals during their institutional careers (per Bloomberg, 2020).
What happened between Novalpina Capital and NSO Group?
Novalpina acquired NSO Group in February 2019 in a deal valued at roughly $1B, and the firm established a special limited partnership structure specifically for the surveillance technology company, designed to limit the fund's liability for the asset. Within two years, the founders had a governance dispute, the company faced litigation from WhatsApp and other claimants, and lenders led by Farallon Capital seized NSO through a restructuring process in May 2021 that eliminated Novalpina's equity stake (per Financial Times, 2019; per Bloomberg, 2021).
Has Novalpina Capital raised a second fund?
No second fund has been publicly reported or documented. Following the NSO governance crisis and loss of the asset to lenders, there has been no disclosed fundraising activity or new investment vehicle from the firm or its three named founders under the Novalpina brand.
What was Novalpina's investment strategy when it launched?
The firm pursued control equity investments in European mid-market companies, targeting sectors including business services, technology, and regulated industries. The founders described a strategy centered on complex carve-outs and situations requiring active operational engagement, with three known platform companies from its debut fund: NSO Group, Zentiva, and Acronis.
How did Novalpina structure its fund to hold NSO Group?
Novalpina created a special-purpose limited partnership within its debut fund structure specifically to hold NSO Group, a design intended to insulate fund investors from direct liability associated with the surveillance company. The structure was publicly documented in fund marketing materials and became a point of contention during the 2020 governance dispute between the founders (per Financial Times, 2019).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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