SL Capital Partners, the private equity fund of funds arm of the UK insurer, has held a fourth closing of its European Strategic Partners 2008 fund with €520m of commitments. A final close is expected in March 2009. Total funds raised in 2008 amount to €670m, including two segregated mandates totalling €150m.
“It is pleasing to note that despite a difficult fundraising environment due to the credit crunch and steep declines across nearly all asset classes, ESP2008, our 15 fund of funds product, has attracted interest from new investors, as well as receiving strong support from existing investors,” said David Currie, chief executive of SL Capital Partners. “Since the credit crunch began in August 2007, we are delighted that we have raised well over €1bn.”
Currie replaced Jonny Maxwell, its chief executive of 17 years, at the end of 2006, with Maxwell reappearing as global head private equity fund of funds at Allianz in early 2007. Prior to Maxwell’s departure, the firm’s most recent fund of funds was European Strategic Partners, which raised €850m in 2004.
Standard Life Investments (Private Equity) was rebranded as SL Capital Partners in October 2007, with senior members of the management team owning 40% of the business and the remaining 60% owned by Standard Life Investments.
Headquartered in Edinburgh, with an office in Boston, Massachusetts, SL Capital Partners has raised more than US$9bn in capital for European and US private equity funds of funds.
In September last year, California Public Employees Retirement System (CalPERS) appointed SL Capital Partners to manage its €400m ESP Golden Bear Europe Fund, a European private equity fund of funds.