Standard Life Investments (SLI), the global fund manager, announced that €900m euros have been raised by European Strategic Partners 2006 (ESP2006), its latest private equity fund of funds, which had its final closing today (11/06/07). $$300m dollars have also been raised by North American Strategic Partners (NASP 2006), SLI's first US private equity fund of funds product, which had its final close earlier this year.
David Currie, Chief Executive, Standard Life Investments (Private Equity) Limited, said: "I am delighted to announce the successful final close of both of these private equity funds of funds which represents a total of over £760 million. "ESP 2006, the fourth fund in the European ESP series of private equity fund of funds, held its first close in March 2006. It has attracted strong interest from all over the world. Commitments were received from North American, European, Middle Eastern, Asian, and UK clients. Standard Life Investments (Private Equity) Limited now has clients in 24 countries across the world.
"ESP 2006 started to make commitments to European buyout firms soon after its first close and now has twelve funds in its portfolio. The co-investment portfolio is also progressing well with four investments. We anticipate making further commitments, both in terms of fund investment and co-investment opportunities, during 2007. "The fact that we have successfully closed and exceeded our target for both funds shows that an ever increasing number of clients are attracted by our experienced team of private equity professionals who have generated a strong track record underpinned by a focused investment approach."
Source: SLI
