Phinance: Aegon Growth Capital Fund Divests 44% Stake

Deal News | Apr 15, 2025 | CEE Legal Matters

Norton Rose Fulbright has acted as the legal advisor for Aegon Growth Capital Fund in its sale of a 44% share in Phinance, a financial brokerage firm based in Poland. Phinance, which has been operational since 2002, boasts 52 branches and employs over 1,200 advisors. The strategic divestment was reportedly facilitated with advisory input from BAB Legal for the buyers and GWK Legal for the non-selling shareholders. Norton Rose Fulbright's team on the transaction included several key personnel based in their Warsaw office.

Sectors

Financial Services
Legal Services

Geography

Poland – Phinance is based and operates in Poland, making this geography relevant to the article.
Europe – Aegon Growth Capital Fund is a venture fund investing in European financial services, thus relevant to the geography classification.

Industry

Financial Services – The primary industry involved, as both Aegon Growth Capital Fund and Phinance operate within the financial services sector.
Legal Services – This classification is relevant due to the legal advisory roles played by Norton Rose Fulbright, BAB Legal, and GWK Legal in the transaction.

Financials

44% – The percentage of Phinance's share stake sold by Aegon Growth Capital Fund.

Participants

Name	Role	Type	Description
Aegon Growth Capital Fund	Seller	Company	A venture fund focused on investing in financial services companies in Europe.
Phinance	Target Company	Company	A financial brokerage firm operating in Poland with 52 branches and over 1,200 active advisors.
Norton Rose Fulbright	Legal Advisor to the Seller	Company	An international law firm that provided legal advice to Aegon Growth Capital Fund on the sale.
BAB Legal	Legal Advisor to the Buyers	Company	Reportedly advised the buyers in the transaction.
GWK Legal	Legal Advisor to Non-Selling Shareholders	Company	Reportedly advised the non-selling shareholders during the transaction.