Schroders announces first close of Private Equity Fund-of-funds

Schroders Private Equity Fund-of-Funds, its debut fund-of-funds vehicle, has held a first close on Euro 172m. The Fund, which was launched on 24 September (8 October 2001, page 4), has a target of Euro 250-300m and will be structured as an Irish plc managed out of London by Schroder Investment Management Ltd. It is due to hold a final close in the Q2 2002, when it will list on the Irish stock exchange The company is structured with three separate classes of shares designed to appeal to different investor types; Class A shares with the smallest minimum subscription rate are designed to exploit the rise of individual wealth in Europe and are aimed at high-net-worth individuals; Class B shares are designed to appeal to small institutions and Class C shares are designed to appeal to larger institutions.

To date commitments have been made to 12 funds, including several US funds and the following European funds: CVC European Partners III; the Electra European Fund; Index ventures II; Permira Europe II; and the Third Cinven Fund. The geographic focus of the fund takes the form of a 40-60% commitment to European funds, 40-60% to US funds and 10% to funds managed elsewhere.

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• Southern Europe