SL Capital FoF raises €520m

The fund of funds arm of UK insurer Standard Life has held a fourth close for its latest European fundraising effort. The firm is targeting a March 2009 final close less than two years after the close of its €900m predecessor.

SL Capital Partners has held a fourth close for its most recent private equity fund of funds on €520 million ($780 million) en route to a March 2009 final close.

European Strategic Partners 2008’s limited partners hail from 24 countries in North America, South America, Asia and Europe. Each LP has the choice of either committing 100 percent of their capital to private equity funds or to a mix of 70 percent private equity funds and 30 percent direct co-investments.

SL Capital’s 15th fund of funds invests in funds that target buyouts valued between €100 million and €1.5 billion with a focus on Western Europe.

The group’s previous European fund of funds closed on its €900 million cap in June 2007. The most recent North American fund closed on its $300 million cap in January 2007.

SL Capital was formed one year ago when the fund of funds arm of UK insurer Standard Life restructured to become a limited liability partnership with 40 percent ownership by nine Edinburgh-based managers. Standard Life retained 100 percent of the business’s value and 60 percent of the economic and voting rights.

The Boston-based US team suffered the departure of six out of seven executives in October 2007 following the sale. The firm has since hired Jamie Ebersole, formerly head of Allianz Private Equity Partners’ New York office, and former Bank of America Capital Advisors director Eric Albertson. The two manage the firm’s $625 million (€401 million) of US capital including the $430 million raised from parent company Standard Life.

SL Capital offers private equity investment through fund of funds, bespoke arrangements and retail products. The firm has raised a total of approximately €6.2 billion private equity assets globally. Capital raised to date in 2008 totals €670 million, the European fund’s €520 million in addition to €150 million across two segregated mandates.