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New Star to launch private equity Fofs vehicle

New Star is to join the private equity fray with the launch of a fund of funds vehicle exposed to mid-market buyout funds in the UK and Europe.

The New Star private equity investment trust (NSPEIT) will be formed from the proposed merger of August Equity Trust and Rutland Trust with New Star appointed as the investment manager.

NSPEIT’s initial portfolio will consist of existing investments from both of those vehicles as well as funds listed in the private equity arena. The portfolio will have commitments to existing, and seek to make commitments to new, private equity limited partnerships.

The fund – which is expected to have a minimum size of £90m – will be managed by Paul Craig, while an advisory committee will provide support to New Star through sourcing and accessing proposed investments in private equity limited. The advisory committee will be chaired by Michael Langdon, chairman of Rutland Partners LLP.

New Star Asset Management director Ravi Anand says: “Private equity provides an alternative source of equity returns for investors and is an important part of any diversified portfolio. We are pleased to have to been selected to manage this new vehicle, which as a fund of private equity funds provides investors with immediate exposure to private equity returns.”


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