Aberdeen Asset Management is to buy SVG Capital’s stake in their joint venture vehicle, Aberdeen SVG Private Equity Managers, for £29 million.
Back in May 2013, Aberdeen acquired a 50.1% stake in Aberdeen SVG Private Equity from SVG Capital with the option of acquiring the remaining 49.9% stake.
Aberdeen say the deal is part of their plan to consolidate and strengthen further its alternatives platform which provides multi-manager coverage of hedge funds, property and private equity allocations, infrastructure investments and Pan-Alternative capabilities.
It also confirmed that most of the existing Aberdeen SVG Private Equity team will be integrated into Aberdeen’s private equity team, which is led by Graham McDonald. The combined team of over 20 investment professionals will oversee total assets under management of £6bn.
Global Head of Alternatives at Aberdeen Asset Management Andrew McCaffery said: “The purchase of the minority stake is a natural progression for Aberdeen in establishing a truly global PE franchise as we look to build on the established foundations of our alternatives platform. Institutional investors are increasingly looking towards alternative asset classes, with access to private markets being a key element of diversifying their portfolios and enhancing returns.”
