F&C closes first LP fund-of-funds on EUR173m

Fund

F&C has held a final close of F&C European Capital Partners LP on EUR173m. The fund was launched in March with a target of EUR150m. It has a management fee of 1% and carried interest of 10%. A placement agent was used to source investors in outlying geographies such as Canada and Iceland. Fund structuring advice was provided by Dundas & Wilson, while Norton Rose advised on the German aspects of the fund structure.

Investors

The fund's two cornerstone investors are F&C parent company Friends Provident and WRI, a Dutch pension fund for the disabled. Other investors include the Merseyside Pension Fund, Royal County of Berkshire Pension Fund and the Stuttgart Architects Pension Fund.

Investments

Investments will be made in European mid-market funds, including those in Central & Eastern Europe. The fund-of-funds will have an emerging manager focus and will target funds ranging in size from EUR100m-1bn, typically committing around EUR7-8m in equity. The fund does not have target weightings for individual countries.

People

The fund will be managed by F&C's Edinburgh-based private equity funds team headed up by Hamish Mair.

Name: F&C European Capital Partners LP

Closed on: EUR173m, July 2008

Focus: Buyout funds

Contact: Hamish Mair

Address: F&C Management Limited

Exchange House

Primrose Street

London EC2A 2NY

UK

Tel: +44 20 7628 8000

Fax: +44 20 7628 8188

Advisers: Dundas & Wilson (Legal)

Norton Rose (Legal).

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