The €120m vehicle, called Aldwych Capital Partners, is Aberdeen’s sixth single-manager feeder vehicle. The capital has already purchased secondary interests in Carlyle’s fully-subscribed Partners V and Europe Partners III vehicles, a source close to the firm said.
An additional five-year bank credit line of €35m will be drawn down for the vehicle to invest in a new Carlyle buyout fund.
Aberdeen’s $110m diversified fund of funds vehicle will be primarily used to invest in 10 to 15 private equity buyout vehicles, with 10 per cent allocated either to venture, debt or special situation funds. The firm said it may also opportunistically invest in secondary private equity interests.
Its geographical investment focus is approximately 40 per cent Europe, 40 per cent US and the balance in the rest of the world, with an Asia focus. The final close for the fund is expected in June 2015.
ASVG CIO Guy Eastman said,“As the global economy moves from a recessionary phase into a period in which growth prospects look more positive, we believe that seasoned private equity managers with long term capital will be well positioned to take advantage of a range of opportunities.
“The first close of our ninth diversified funds of funds enables us to capitalise on these opportunities through careful manager selection, providing our investors with exposure to a globally diverse portfolio of high quality private equity managers.”
With the new capital raised in the two vehicles, Aberdeen’s funds under management and advice are up to €5.7bn.
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