Bill Nixon, head of investments at Aberdeen Asset Managers Private Equity, has led a management buyout of Aberdeen’s private equity division along with five other senior executives to create a new firm: Maven Capital Partners.
The spin-out of Aberdeen’s growth capital team, which has around £160 million (€186 million; $262 million) of assets under management, follows the earlier spin-out of the group’s other direct investment team – focused on slightly larger buyouts – to form Spirit Capital in September last year.
Maven has assumed management of Aberdeen’s entire growth capital portfolio, which includes 13 separate funds, seven of which are Venture Capital Trusts (VCTs). In April, the team was mandated to run a £30 million state-backed fund, Capital for Enterprise Fund A, as part of a government initiative to provide small British businesses with better access to capital.
Joining Nixon at Maven are senior executives Andrew Craig, Jock Gardiner, Stella Panu, Bill Kennedy and Andrew Ferguson. Aberdeen Asset Management has retained a minority stake in the business.
Maven – named after the Hebrew word for an expert or connoisseur – will operate from offices in Aberdeen, Glasgow, Manchester, Birmingham and London and will continue the team’s former focus on investments of between £1 million to £6 million in equity in business valued at up to £25 million.