(PrivateEquityCentral.net) UK-based private equity firm Standard Life Investments (Private Equity) announced today it named Dan Cahill as managing director for North America, continuing its expansion into the US market.
Cahill will be based in Standard Life’s Boston office and will formulate and manage the firm’s US private equity strategy, according to a press release. The Boston office opened in April 2002.
Cahill joins the firm from Wilton Asset Management, the fund-of-funds division of State Street Global Advisers, where he was a principal institutional asset manager. Prior to joining Wilton, he was a vice president at GE Capital’s corporate finance group. At Standard Life, he will be responsible for investing $200m of Standard Life’s funds in the US market.
“The appointment of Dan Cahill represents a significant step in our plans to develop and promote our global private equity business,” Jonny Maxwell, chief executive officer of Standard Life Investments (Private Equity) said in the statement. “We are confident that Dan’s detailed knowledge of the industry in North America and his experience in managing a private equity fund-of-funds and direct deals will make him a valuable addition to the private equity team.”
Standard Life has made several commitments to private equity firms in the past year. In December, Standard Life invested in Barclays Private Equity’s E1.25bn fund. The firm also invested in Candover’s 2001 Fund, which closed on E2.7bn.
Last March, Standard Life Investments announced plans for a new fund-of-funds with a target of E1bn.
Standard Life Investments is one of Europe’s largest institutional investors, with $115bn in assets under management. The firm’s private equity operations are led by chief executive officer Jonny Maxwell and managing director David Currie.