UK - Alliance acquires Albany Ventures

As part of the deal, Albany Ventures’ two senior investment managers and main shareholders, Raymond Abbott and John Morrison, will join Alliance Trust to form the core of the Alliance Trust’s new private equity team. The new private equity team will report to Alliance Trust’s incoming chief investment officer.

Albany Ventures was founded in July 2000 when Abbott, Morrison and Iain Christie joined forces in a venture to manage early stage venture capital investments. Both Abbott and Morrison previously worked at British Linen Equity and Friends Ivory & Sime Private Equity. Abbott has 15 years’ experience in private equity investments and Morrison 10 years.

Alliance Trust currently has around £70m invested in private equity, only 3% of its total £2.7bn portfolio, but its strategy is to increase exposure to asset classes other than quoted equities. For instance, it has built up a property portfolio since November last year, worth around £65m.

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