Aberdeen Standard Investments and 21 Partners today announced the establishment of a new UK based 50:50 joint venture (JV) – 21 Aberdeen Standard Investments Limited (21ASI) – with the intention of Aberdeen Standard Investments launching a direct €1bn private equity fund later this year.
The investment strategy for the fund will target active non-controlling interests with a focus on providing patient capital for the long term. The fund aims to support and facilitate growth in companies without owners ceding majority stakes in their business.
Beyond funding, 21ASI will provide portfolio companies with the support to help them manage challenges including managing their growth, the potential for disruption within their industry, and those posed by succession and generational changes in their companies.
The geographical focus for the fund will be on Europe and the fund term will be up to 15 years. The fund will also target opportunistic transactions or special opportunities which are time sensitive and with a shorter term investment horizon.
Investments will be identified by 21ASI, its JV partners and other stakeholders. 21ASI will be based in its own offices in London with an initial team of six people. The Board of the JV will be led by Alessandro Benetton with the members drawn equally from both JV partners.
Alessandro Benetton, Founder and Managing Partner 21 Partners comments:
“I’m excited about launching this initiative with an outstanding partner that shares the values that have always characterized our investment activity. Creating sustainable value for companies requires increasingly more time and an industrial approach. I believe that this innovative fund represents the perfect combination of factors to help entrepreneurs and companies face the challenges that the market poses without changing the control of companies.”
Aberdeen Standard Investments Co-Chief Executive Martin Gilbert comments:
“The joint venture is a powerful combination of a team led by one of the most reputable figures in the private equity industry combined with our own expertise in that area and a global footprint which will greatly enhance the marketability of the product. This is an exciting opportunity to provide a direct private equity offering to our clients. There is a clear demand from them for private markets products which offer attractive returns and important diversification.”
Notes to editors
- Aberdeen Standard Investments is a leading global asset manager dedicated to creating long-term value for our clients, and is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments.
- With over 1,000 investment professionals we manage €638 billion* of assets worldwide. We have clients in 80 countries supported by 50 relationship offices. This ensures we are close to our clients and the markets in which they invest.
- We are high-conviction; long-term investors who believe teamwork and collaboration are the key to delivering repeatable, superior investment performance. We are resolute in our commitment to active asset management.
- Aberdeen Standard Investments is the asset management business of Standard Life Aberdeen plc, one of the world’s largest investment companies.
- Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2 million shareholders and is listed on the London Stock Exchange. The Standard Life Aberdeen group was formed by the merger of Standard Life plc and Aberdeen Asset Management PLC on 14 August 2017.
*Standard Life AUM/AUA data as at 30 September 2017.
21 Partners is a European investment firm, investing in mid-market companies through local funds. The group, created by Alessandro Benetton, has completed about 100 investments in the mid-market over the past 26 years.
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Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments.
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