SL Capital hits £516m final close for maiden infrastructure fund

Amedeo Goria
09 February 2017

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Standard Life's asset management arm SL Capital Partners has held a final close on £516m for its maiden infrastructure vehicle, SL Capital Infrastructure Fund I.

The 2014-vintage vehicle targets investments in the mid-cap UK and north-west European infrastructure market and has already deployed 37% of its committed capital through four majority acquisitions.

The investments are in Finnish gas distribution business Auris Kaasunjakelu, Norwegian hydro-electric plants manager Nordic Power and two train fleets in the UK.

Launched in June 2014 with a £400m target, the fund raised commitments from several institutional investors, including pension funds from the UK, US, Canada, Europe, Asia and the Middle East. According to unquote" data, the GP raised funding from pension funds such as Derbyshire County Council Pension Fund, East Riding Pension Fund, Nottinghamshire County Council Pension Fund, Warwickshire Pension Fund and South Yorkshire Pension Authority.

Several family offices based in the UK, Europe and North America committed capital to the vehicle alongside the GP's parent company Standard Life, which committed £116m to the fund.

According to a statement, the fund is one of the largest first-time vehicles raised with focus on the European mid-market infrastructure market in the last five years and will be headed by SL Capital's head of infrastructure equity, Dominic Helmsley, alongside his six-person investment team.