Aberdeen Standard Investments launches $500m secondaries fund

The fund plans to hold a first close in Q1 2019 and continue its fundraising for up to 12 months thereafter.

SOF IV targets an IRR of 20% and includes, in its proposed terms, a 10% carried interest after achieving a 10% preferred return. The vehicle's restrictions include a maximum 25% of commitments in a single portfolio fund interest.

The fund intends to invest in niche areas of the secondaries market where there is less competition, and acquire stakes in funds-of-funds and secondaries funds. In addition, the vehicle will buy direct stakes in small or mid-market funds and target opportunistic secondaries.

The San Bernardino County Employees' Retirement Association intends to commit $40m to the fund, according to a document.

Aberdeen Standard Investments manages £557bn on behalf of its investors across 80 countries globally. The firm was established in 2017, following the merger between Aberdeen Asset Management and Standard Life.

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• Topics
• Funds
• Secondaries
• Aberdeen Standard Investments