UK - Aberdeen backs buyout of its private equity business

The buyout, led by the head of investment of Aberdeen's private equity team, Bill Nixon, will see the business re-branded as Maven Capital Partners UK. The firm will be headquartered in Glasgow.

Maven will continue to invest between £3-5m in small- and medium-sized enterprises with annual profits of between £1-5m. The newco, which will take 25 staff from Aberdeen Asset Management, will operate from offices in Aberdeen, Manchester, Birmingham, London and Glasgow. The funds moving over to Maven will be the Aberdeen Income and Growth VCT, Aberdeen Growth VCT 1, Aberdeen Growth Opportunities VCT 1 and 2, Gateway VCT, Guinness Flight Venture Capital Trust, Talisman First Venture Capital Trust and White Rose Technology Fund.

The buyout is expected to allow the growth of Maven's co-investment business as well as expand its back-office function by taking on accounting work for private equity houses based in London.

Nixon will become the managing partner of Maven Capital.

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