PRINT THIS PAGE Standard Life holds €250m first close on new European fund of funds13/12/2004. Source: AltAssets. 
 Standard Life Investments, the Edinburgh-based fund manager, has held a first close with €250m of commitments for its new fund of funds vehicle European Strategic Partners 2004. The fund will invest in both primary funds and direct private equity investments.
The fund has a final target of €300m and is scheduled to remain open to investors until September 2005. The firm closed its second fund of funds, European Strategic Partners II, in January this year with commitments of €1.1bn. The first ESP closed in 2000 on €868m.
The fund offers investors the chance to invest solely in primary funds or to invest up to 30 per cent of their commitments in direct investments. The investments, both funds and directs, will be in Western Europe.
Standard Life now has €2.7bn under management in private equity.
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