The buy-out was headed by Aberdeen Asset Management private equity head of investment Bill Nixon, as well as senior executives Andrew Craig, Jock Gardiner, Stella Panu, Bill Kennedy and Andrew Ferguson.
Maven will continue to manage funds on Aberdeen’s behalf, with the back-office team that supports Aberdeen and third-party client funds also moving to Maven.
The private equity offering was launched as a separate division by Aberdeen in 2004. The business has around £54m of VCT client funds invested in 29 new private equity company transactions in that time.
The Maven team also manages the £30m Capital for Enterprise fund on behalf of Capital for Enterprise Managers.
Aberdeen is to remain as a partner of Maven and will retain a significant minority stake in the business.
Aberdeen Asset Management chief executive Martin Gilbert says: “”I am delighted that Bill Nixon and his team have taken the opportunity to undertake a buy-out of Aberdeen’s private equity business. In common with current industry practice, the management team will now have a majority stake in their new business, thereby aligning their long-term interests with those of their clients and investors, and I am very pleased that Aberdeen will be retaining a significant minority stake in the new business. Bill and his team have run a very successful private equity operation for many years within Aberdeen, and they leave with our thanks and very best wishes for the future.”