ASI’s SL Capital collects $428 mln for third PE secondaries fund

SL Capital, the private markets arm of Aberdeen Standard Investments, has raised $428 million for its third private equity secondaries fund, beating its $400 million target. The limited partners of the fund include public and corporate pension schemes, multi-family offices and high-net worth individuals in the UK and North America. In May 2015, the firm closed its previous secondaries fund at $291 million.

PRESS RELEASE

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 program 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 program 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 program 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 program.”

[1] SL Capital Partners (SL Capital) is a private markets arm of global asset manager Aberdeen Standard Investments.