SLCP readies Europe fund for €600m plus close

The private equity fund of funds division of financial services giant Standard Life intends to close its latest Europe-focused vehicle on more than €600m in May.

SL Capital Partners plans to hold a final close on its 15th fund of funds in May, said chief executive officer David Currie in an interview.

SL Capital Partners, which is 60 percent owned by savings and investments giant Standard Life and 40 percent owned by management, has raised more than €600 million for its latest fund, European Strategic Partners 2008. The fund has been in the market for around two years and had already smashed its €500 million target by August of 2008.

The firm is headquartered in Edinburgh, Scotland and runs its North American operation from Boston. It has raised a total of approximately €6.3 billion in private equity assets since its inception.

In a recent interview with Private Equity International, Currie highlighted the potential challenges facing the fund of funds sector.

“As with primary private equity funds, some will struggle simply because the performance has not been there,” he said, adding: “What may be more pressing an issue is how the whole industry will be affected as we head into a time of more stringent regulation. Some smaller players may struggle with the need for an additional overlay of compliance and regulatory structure. It may mean more people and more technology.”

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