Schroders holds first close at €200m

Schroders and SVG Advisers have held the first close of their fourth fund of funds. The fund, which is listed on the Irish stock exchange, allows a minimum investment of €125,000.

Global asset management company Schroders and FTSE 250 fund manager SVG Advisors have held the first close of Schroder Private Equity Fund of Funds IV at €200 million ($276 million).
The fund’s portfolio will be around 20 predominantly European and US private equity funds with a focus on later stage funds.  Commitments of over €95 million have already been made to seven funds.
The fund is designed for both small and large institutions as well as wealthy individuals, and it will be listed on the Irish Stock Exchange.  The fund’s structure offers investors three share classes with differential pricing, allowing a minimum investment of €125,000, payable in instalments.
This Schroders programme has over €1.1 billion of funds of funds under management and a capacity of up to €1.5 billion. The first two funds are fully invested and have reported strong performance and asset growth, with material distributions from their underlying portfolios. Schroders third fund is still in its investment period
The fourth fund will probably hold a final close by the end of the first quarter of 2008. SVG Advisers also has three structured private equity funds under the Diamond brand. PEO revealed the third of these funds closed this year at €700 million, beating its initial fundraising targets by €200 million.   The fund manager has total funds under management of €4.3 billion.