Aberdeen Standard buys fund finance outfit Hark Capital

The Hark team will become part of the Aberdeen Standard Investments Private Markets arm, managing £17bn across private equity, infrastructure, real assets, strategic credit and private markets products.

According to a statement from Aberdeen Standard Investments, Hark's investment strategy will not change, with the focus remaining on financing private equity and venture capital funds. The team will continue to manage the $106m Hark I and $203m Hark II funds; it will be based in the New York office of Aberdeen Standard Investments.

The buyer said it had seen increasing demand for fund financing products as the market becomes more sophisticated, and that the acquisition was driven by the opportunity to expand its private markets business into this segment.

Under its new ownership, Hark will look to continue expanding in North America, with Aberdeen stating that the reach of the offering could be expanded over time.

Hark began investing in 2013, supplying loans to mid-life and end-of-life PE and VC vehicles. Its target investment size is $5–80m, with non-amortising loans maturing between one and five years. Its target coupon is around 10% in cash and PIK.

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