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Aberdeen Standard Investments Raises $428m from UK and North American Investors for Private Equity Secondaries Fund

27 Oct 2017

Global asset manager, Aberdeen Standard Investments has completed the fund raising for the SL Capital [1] Secondary Opportunities Fund III (SOF III).

The total raised is $428 million from 31 investors which is above the target of $400 million and considerably higher than its predecessor fund, SOF II, which secured $291 million of commitments at the final close in May 2015.

The geographical split of investors in SOF III is approximately 60% UK and 40% North America - from public and corporate pension schemes, multi-family offices and high net worth individuals.

The total raised for the three funds comprising SL Capital’s secondaries programme is now over $900 million.

The strategy of SOF III will focus on niche or less competitive areas of the secondary market where Aberdeen Standard Investments can leverage the expertise, insights and relationships of its existing private markets platform.

Rising demand for diversified private equity

Stewart Hay, Head of Institutional Client Solutions, said:

 

“Clients have been very supportive of the secondaries strategy since it was launched in 2014. To have reached over $900 million of capital for the programme demonstrates the strong demand for niche private equity exposure. We worked closely with our investors in the initial stages of product development to come up with a strategy and fee structure that meet their needs.”

Patrick Knechtli, Head of Secondaries added:

“Our secondaries programme has progressed relatively quickly from a concept developed in partnership with clients wishing to access niche areas of the private equity secondaries market. Over the course of the first two funds, we deployed capital across the key target areas we identified at the outset. We continue to see strong momentum in terms of deal flow, and with the new fund in place we are well positioned to address these attractive opportunities.

“We are grateful for the support from investors over the entire development of this programme.”

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 £583 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 June 2017. Aberdeen Asset Management AUM data as at 31 March 2017. All other data as at 30 June 2017.

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