SLCP holds €520m fourth closing on latest fund of funds

Although no specific target or hard cap was given, SLCP said that they hoped to achieve a similar size to their previous fund, which closed on €900m in 2007.

ESP2008 currently has around 40 investors, principally pension plans, according to the firm.

The fund will invest in private equity funds which target buy-outs valued between €100m and €1.5bn, primarily in Western Europe.

David Currie, chief executive, SLCP, said, 'It is pleasing to note that despite a difficult fundraising environment due to the credit crunch and steep declines across nearly all asset classes, ESP2008, our 15th fund of funds product, has attracted interest from new investors, as well as receiving strong support from existing investors.

'Commitments have been received from North American, Asian, South American, European and UK clients. We now have investors from 24 countries around the world. As with previous ESP products, investors have the choice of participating in either a partnership consisting of at least 70 per cent in private equity funds and 30 per cent in direct co-investment opportunities, or a partnership that is 100 per cent committed to private equity funds,' Currie added.

SLCP is a subsidiary of the Standard Life Investments group. The firm is headquartered in Edinburgh, Scotland and also has an office in Boston.

Total funds raised by SLCP during 2008 now stand at €670m, including two segregated mandates totalling €150m ($225m).

In the US, SLCP recently hired Jamie Ebersole, the former head of Allianz Private Equity Partners' New York office, as senior investment director (private equity), North America. Ebersole will be based in SLCP's Boston office.

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