Bank of Scotland Corporate has acquired a 19.9% stake in Pi Capital, a UK-based investment club for high-net-worth entrepreneurs. No financial terms were disclosed. Pi has co-invested with such private equity firms as Alchemy, Englefield Capital and BC Partners.
Bank of Scotland Corporate has taken a strategic 19.9% stake in Pi Capital through its Growth Equity team. No shares were sold by existing Pi shareholders.
Pi Capital is a unique investor network that finds exciting growth equity and alternative asset investment opportunities for its members, and negotiates participation in select private equity deals. It allows individual investors to participate in transactions on an opt-in basis that are usually the exclusive preserve of institutions.
The Bank's Growth Equity team, led by Stephen Campbell, makes direct equity investments into a variety of businesses, from small technology companies to the largest public companies. These investments are made directly from the Bank's balance sheet, not from a fund, which gives the bank the flexibility to work with management teams.
Following Bank of Scotland's investment, Pi Capital will gain access to the Bank's pipeline of Growth Equity deals, and provides a partner who can open doors for Pi members to a range of investments in other asset classes. For its part, Bank of Scotland will gain access to Pi's high-powered network of top
Pi Capital will have the opportunity to participate in select Bank of Scotland investments, though it will be under no obligation to do so. It retains the freedom to source deals from its membership and its own origination activities.
Pi Capital retains a flexible, 'best of breed' open architecture model in its approach to investments, having co-invested in funds and direct deals led by private equity firms including Alchemy, Englefield Capital, and BC Partners. Pi Capital will continue to work alongside partners of this calibre to take equity stakes in exciting growth companies. In partnership with Bank of Scotland and others, it also intends to develop its investments in alternative assets, including debt, mezzanine and real estate.