SL Capital holds first close for North American FoF

The fund of funds manager, whose longstanding chief executive David Currie retired last month, has hit a first close for a fund of funds focused targeted at the North American market.

SL Capital Partners has held a first close for its latest fund of funds with $75.8 million raised, Private Equity International can exclusively reveal.

The fund, which is understood to be targeting $200 million in commitments, was launched in 2010. SL Capital Partners declined to comment on fundraising plans.

SL Capital North American Smaller Funds I will invest with managers based in the US or Canada who invest from funds up to $1 billion in size, a source with knowledge of the vehicle said. The fund will make between 15 and 20 fund commitments to such lower to mid-market funds, the source added.

US-based senior investment director Jamie Ebersole will oversee the fund.

SL Capital Partners also manages a Europe-focused fund of funds focused on smaller managers. SL Capital European Smaller Fund I was also launched in 2010 but has met with greater success on the fundraising trail, garnering €155 million ($201 million) by its second close en route to a €300 million target. Investors in that vehicle include the New Hampshire Retirement System.