Schroders plc, the UK-listed asset management group, has unveiled plans for the successor to last year’s Schroder Private Equity Fund of Funds which raised E242m for investment in US and European funds.
The group is hoping to raise E250m for Schroder Private Equity Fund of Funds II (SPEFOF II), which will follow the previous fund’s remit of focusing on top tier European and US private equity managers, with a further ten per cent set aside for investment outside these markets.
SPEFOF II will offer investors the choice of three separate share classes with differential pricing. The minimum investment is E125,000.
Andrew Sykes, head of alternative investments at Schroders, described SPEFOF II as “a highly flexible private equity fund of funds product, which is designed to meet growing demand from a wide range of investors.” A pre-commitment facility of up to E100m has been set up by the Schroder Group.
Fund II has already made four commitments worth a total of $40m. In total, it will commit to between 15 and 20 private equity funds. At the beginning of March, Fund II was 70 per cent committed.
Like its predecessor, SPEFOF II will be listed on the Dublin Stock Exchange. According to Sykes, the new fund will give investors who were prevented from investing in Fund I due to the six-month fundraising term limit imposed by the Central Bank of Ireland a chance to participate in a similarly sized and managed fund.