Schroders has reached a final close of its Schroder Private Equity Fund of Funds II (SPEFOFII), which is advised by Schroder Ventures Limited, a fully owned subsidiary of Schroder Ventures International Investment Trust (SVIIT.) The second fund-of-funds has raised €285m, exceeding its target of €250m and the amount raised for its first fund-of-funds in 2002 (€242m.)
SPEFOFII has already made commitments totaling around €95m to eight private equity partnerships in Europe and the US. Like its predecessor, SPEFOFII has been structured to meet the requirements of both small and large institutions in addition to high net worth individuals and is listed on the Irish Stock Exchange.
Investors from the first fund have continued their support by committing in excess of €60m with the remainder of commitments coming from institutional investors and high net worth individuals.
Lester Gray, chief operations officer Schroders, said: “We continue to see attractive investment opportunities in the European and US private equity markets and believe that SPEFOFII is well placed to build on the solid performance of its predecessor.”
SVIIT has also recently proposed a name change and is seeking shareholder approval at its forthcoming AGM to re-name the company SVG Capital and rename its advisory business SVG Advisers.