Standard Life Investments (Private Equity), the Edinburgh-headquartered private equity fund investor, has raised €1.225 billion (€1.43 billion) for European Strategic Partners 2004 (ESP 2004) and three related separate accounts.
“We believe €850 million is the optimal size for ESP 2004 and will allow broad diversification and deployment across vintage years to which it will be exposed,” Jonny Maxwell, chief executive of Standard Life Investments (Private Equity), said in the statement.
ESP 2004 will invest in European buyout funds.
Unusually for a press release announcing the close of a private equity vehicle, Standard Life included a message to potential clients who failed to secure space in ESP 2004. “Disappointed investors who were unable to obtain an allocation to ESP 2004 are being invited to roll their commitment into ESP 2004’s successor fund, ESP 2006, the marketing for which will begin in January 2006.”
The closing takes Standard Life Investments (Private Equity)’s asset under management to €3.8 billion. The group has been investing in the asset class since 2000, when it close its first fund of funds on €868 million.