ESP 2008 holds fourth closing at EUR520m

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SL Capital Partners (SLCP) has reached the fourth closing of European Strategic Partners 2008 (ESP 2008), its 15th private equity fund-of-funds, on EUR520m. Based in Scotland and investing throughout Europe, the vehicle has a 14-year lifespan.

The fund was launched in March this year and has a floor of EUR500m, no hard cap and minimum subscription is set at EUR3m. SLCP has contributed to its previous ESP funds but to date has not contributed to ESP 2008.

The investor is forecasting a final close in March 2009. So far this year SLCP has raised EUR670m, including two segregated mandates totalling EUR150m. ESP 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. At least 80% of the fund will be allocated to investments in European buyout funds active in the EUR100m-1.5bn bracket. Some commitments will also be allocated for secondary funds.

SJ Berwin is providing fund structuring advice. SLCP's CEO David Currie and chief investment officer Peter McKellar co-manage the fund. They are supported by a team of 10 executives. This team also previously managed other SLCP funds. (Page 05).