Hark Capital, a unit of Aberdeen Standard Investments, has closed its third NAV-based loan fund at a hard cap of $400 million, beating its $300 million target. Hark Capital provides loans to mid-life private equity, growth equity, venture and other funds.
NEW YORK — Aberdeen Standard Investments (ASI) has closed the fundraising for Hark Capital’s third dedicated NAV-based loan fund at its $400 million hard cap.
The fundraising surpassed its target of $300 million, reflecting strong investor appetite from existing and new investors around the world. The fund makes NAV loans to portfolio companies of private equity funds to support value creation later in a fund’s life. It will be a continuation of the same strategy as Hark’s previous two funds.
Doug Cruikshank, Head of Fund Financing and Hark Capital, commented: “We’re pleased to have hit our hard cap for Hark III, particularly during a global pandemic. We’re grateful for the continuing support of our existing investors and the addition of many new investors to our latest fund. We believe our first-mover advantage and deep expertise in the growing NAV loan space will continue to help general partners improve portfolio investment returns for their limited partners.”
Hark Capital provides loans to mid-life private equity, growth equity, venture and other funds. These loans are backed by the unrealized investments at the fund level and provide financing for companies that would otherwise require equity. The loans are based on a fund’s net assets, not the credit profile of an individual portfolio company. This structure provides general partners with flexible, non-dilutive capital to support their portfolios and the opportunity for attractive risk-adjusted returns for Hark’s investors. Since 2013, Hark has completed over 60 investments in North America and Europe.
About Aberdeen Standard Investments
Aberdeen Standard Investments is a leading global asset manager dedicated to creating long-term value for our clients, and is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments.
With over 1,000 investment professionals we manage $606.7 billion* of assets worldwide. We have clients in 80 countries supported by 50 relationship offices. This ensures we are close to our clients and the markets in which they invest.
We are high-conviction, long-term investors who believe teamwork and collaboration are the key to delivering repeatable, strong investment performance.
Aberdeen Standard Investments is the asset management business of Standard Life Aberdeen plc, one of the world’s largest investment companies.
Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2 million shareholders and is listed on the London Stock Exchange. The Standard Life Aberdeen group was formed by the merger of Standard Life plc and Aberdeen Asset Management PLC on August 14, 2017.
* Standard Life Aberdeen AUM as of December 31st, 2020