SG Hambros hits fundraising trail with Duke Street feeder fund

SG Hambros has begun marketing its SG Hambros Private Equity Fund V, which will act as a feeder fund for Duke Street Capital’s latest fund. The SGH Private Equity Fund V, which was launched last week, is the fourth collaboration between SG Hambros and Duke Street, following on from the 1994 and 1997 Hambros Unquoted Growth Funds (HUGs) and the successor SGH fund. The fund will be marketed to Duke Street Capital’s own managers and advisors and SG Hambros’ client base. The minimum funding requirement is £40,000 and there is no formal target for the amount of capital to be raised, although the previous collaboration between the two groups raised e11m. Investors in the vehicle will benefit from business assets taper and relief from capital gains: for investors who remain in the fund for the duration, capital gains are taxed at 10% rather than the usual 40%. The fund will act as a limited partner within Duke Street Capital V and will aim to achieve a net return of approximately 30% per annum. Unlike institutional investors within DSC V, whose commitments are drawn down by Duke Street as required, the SG Hambros fund will commit 50% of the total capital raised up front, with the balance being drawn down 18 months later. The fund is due to close in September.

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