Scotland-based private equity fund of funds manager, SL Capital Partners, has now held a second close for SL Capital European Smaller Funds I. It held a first close for the fund in September 2011 having received €75.8mn in commitments, but it has now received an additional €79.3mn, with the total raised now standing at €155.1mn. The vehicle has an overall target of €300mn.
The fund of funds vehicle will focus on smaller and lower mid-market buyout funds in Europe and will seek to build a portfolio of 20-25 funds in total, with each having a total capitalisation of less than €1bn. Up to 30% of the vehicle can be invested in fund investments acquired through the secondary market (defined as fund with over 15% of capital drawn).
SL Capital Partners is also currently raising capital for SL Capital North American Smaller Funds I. The vehicle is targeting $200m, and will build a portfolio of small and lower mid-market buyout funds which focus on North America. That vehicle also includes a 30% allocation for secondary market opportunities.
SL Capital Partners also offers private equity investment access through separate accounts and retail products. Its clients include institutional investors, family offices and high-net-worth individuals from across the globe. In all, it has raised a total of €6.4bn in private equity assets from clients.