Standard Life raises €900m

The firm also announced it has closes a US$300m fund-of-funds aimed solely at the US private equity market, the first product of its kind for SLI.

David Currie, chief executive, Standard Life Investments (Private Equity) Limited, said: “ESP 2006 started to make commitments to European buyout firms soon after its first close and now has twelve funds in its portfolio. The co-investment portfolio is also progressing well with four investments. We anticipate making further commitments, both in terms of fund investment and co-investment opportunities, during 2007.”

The fund will invest a total of €660m in private equity funds, leaving €240m aside for co-investment opportunities. Over €320m euros has already been committed. On the co-investments side, ESP 2006 has already invested a total of €28m.

The US fund – North American Strategic Partners (NASP 2006) – will operate from SLI’s Boston office, targeting mid-market funds in North America. The firm was surprised at the amount of interest the fund generated and was able to close, at its hard cap, nine months ahead of schedule. It comes following SLI’s decision in 2003 to move into the US private equity market.