Edinburgh-headquartered SL Capital Partners, the private equity arm of Standard Life Investments (SLI), has reached a fourth close of €520m on its latest private equity fund-of-funds European Strategic Partners 2008 (ESP2008).
The final close of the fund is likely to take place in March 2009. ESP2008 invests in private equity funds which target buyouts mainly valued between €100m and €1.5bn. Commitments have so far been received from North and South American, Asian, European and UK clients.
Investors have been given the choice of participating in either a partnership consisting of at least 70% in private equity funds and 30% in direct co-investment opportunities, or a partnership that is committed to private equity funds. SLCP has investors from 24 countries from around the world and total assets raised by SLCP from private equity investors currently total €6.2bn.
Chief executive of SLCP, David Currie said: “It is pleasing to note that despite a difficult fund raising environment due to the credit crunch and steep declines across nearly all asset classes, ESP2008, our 15th fund of funds product, has attracted interest from new investors, as well as receiving strong support from existing investors.”
This tally brings the total amount of money raised by SLI this year to €670m, which includes two segregated mandates totalling €150m. SLI’s previous ESP fund held a final close in June 2007 on €900m.