Standard Life reaches fourth closing on EUR520m

01 October 2008

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Fund

SL Capital Partners (SLCP) has reached the fourth closing of its latest private equity fund-of-funds European Strategic Partners 2008 (ESP 2008) on EUR520m. Based in Scotland but investing throughout Europe, the vehicle has a 14-year lifespan.

The fund was launched in March this year and has a floor of EUR500m and no hard cap with minimum subscriptions set at EUR3m. SLCP had contributed to previous ESP funds but to date has not contributed to ESP 2008. Management fees were not disclosed but are said to be competitive. Carry and hurdle rates have been set at industry standards. There are no investment restriction clauses in the fund documentation.

This is SLCP's 15th fund-of funds. The fund's final close is forecast for March 2009. SJ Berwin has been retained as legal adviser. So far this year SLCP has raised EUR670m, including two segregated mandates totalling EUR150m.

Investors

ESP 2008 has an international investor base and has attracted contributions from investors based in 24 countries from across North and South America, Asia and Europe, with over 70% of the contributions originating from pension funds.

Investors have the choice of participating in either a 70/30 private equity/direct co-investment partnership, or a partnership investing purely in private equity funds.

Investments

At least 80% of the fund will be allocated to investments in European buyout funds active in the EUR100m-1.5bn bracket. Some capital will also be allocated to secondary funds. ESP 2008 can allocate a maximum of 10% of the capital available to a single fund or co-investment.

People

SL Capital's CEO David Currie and chief investment officer Peter Mckellar co-manage the fund. They are supported by a team of 10 executives. The team has previously managed ESP, ESP II, ESP 2004, ESP 2006, Standard Life European Trust and segregated mandates.

Name: European Strategic Partners 2008

Fourth close: EUR520m

Focus: Fund-of-funds

Contact: Peter McKellar

Address: SL Capital Partners

1 George Street

Edinburgh EH2 2LL

Scotland

Tel: +44 131 245 0055

Fax: +44 131 245 6105

Advisers: SJ Berwin.