Aberdeen Standard Investments has established a joint venture with Italian investment manager 21Partners to launch a direct €1bn private equity fund.
The joint venture, called 21 Aberdeen Standard Investments Limited and made up of six people, will manage a fund targeting “active non-controlling interests” and support growing companies in Europe.
The fund, which will launch later this year, will have a term of up to 15 years. However, the company says it will also target some opportunities that are “time sensitive” and therefore it will add a shorter term approach for some investments.
Aberdeen Standard Investments currently holds £26bn in private market products. Together with real estate this makes up 21 per cent of its current offering, which is the highest percentage among other products.
Aberdeen Standard Investments co-chief executive Martin Gilbert says: “This is an exciting opportunity to provide a direct private equity offering to our clients. There is a clear demand from them for private markets products which offer attractive returns and important diversification.”
21 Partners founder and managing partner Alessandro Benetton, who will lead the board of the JV, says: “I’m excited about launching this initiative with an outstanding partner that shares the values that have always characterized our investment activity.”