SL Capital hits fund hard cap

Edinburgh-based SL Capital Partners has reached a final close of €700m for its fifteenth fund of funds, smashing its original €500 million target.

SL Capital Partners, which is the private equity fund of funds division of financial services giant Standard Life, has  closed its European Strategic Partners 2008 fund on €700 million in committed capital.

The fund has been in the market for approximately two and a half years, reaching its original €500 million target by August of 2008.

The fund of funds, which marks SL’s fifteenth since inception, will target buyout deals in Western Europe, having already completed both primary and secondary investments in nine funds alongside four direct co-investments, according to a statement.

The fund has approximately 50 new and returning investors, including UK, North American and European

David Currie

corporate and public pension plans and US family offices.

SL Capital did not use a placement agent.

In a recent interview with Private Equity International, SL Capital’s chief executive officer, David Currie, stated Europe’s markets were ripe for investment because “disruption generally throws up opportunities”.

Currie added that, while the recession has been very severe, the slew of corporate disposals – a good source of private equity buying opportunities – has not yet happened.

SL Capital Partners, which is 60 percent owned by savings and investments giant Standard Life and 40 percent owned by management, has raised €6.2 billion over the past decade through 15 different funds.  

The firm is headquartered in Edinburgh, Scotland and runs its North American operation from Boston.

To read more on the private equity fund of funds market, see the September edition of Private Equity International.