SL Capital Partners closes ESP 2008 fund at €700 million

22 September 2010

21 September 2010, Edinburgh - SL Capital Partners (“SL Capital”), one of Europe’s largest and most active private equity fund-of-funds managers, today announced the successful final close of its European Strategic Partners 2008 fund (“ESP 2008”). The fund was capped at €700 million, exceeding its original €500 million target.

ESP 2008, SL Capital’s 15th fund-of-funds, will invest in Western European buyouts, combining primary fund investments, direct co-investments and secondaries. ESP 2008 has already made primary and secondary investments in nine funds and completed four direct co-investments. In common with SL Capital’s last four fundraisings, the final close was capped at €700 million due to excess investor demand.

Over 50 new and returning investors committed to the fund, including UK, North American and European corporate and public pension plans and US family offices. Since the start of the financial crisis, SL Capital has raised over €1.25 billion from ESP 2008 and segregated account mandates for its fund-of-funds strategies.

Commenting on the close, David Currie, Chief Executive, SL Capital Partners, said:

“That we have successfully closed ESP 2008 at €700 million during such a turbulent time for global markets shows the continued strong appeal for SL Capital’s private equity fund-of-funds model. We not only offer our clients access to the best primary, secondary and co-investment opportunities but combine this with tremendous market insight, strong governance and the deep experience of our team. This has helped steer performance during good times and bad.

“The combined fundraising of approximately €1.25 billion through the downturn is strong evidence that investors regard SL Capital as a key partner in developing their private equity programmes. The success of our continuous fundraising model confirms our recent research that institutional investors and pensions consultants intend to increase or maintain their current allocation to private equity.”

About SL Capital Partners

SL Capital Partners is recognised as one of the foremost private equity fund-of-funds investors. In the last 10 years it has raised over €6.2 billion (c.$8.1 billion) through 15 funds, with more than 75% of the capital coming from outside the Standard Life Group.

The firm is focused on primary fund investments, secondary transactions and direct co-investments. Its clients range from leading institutional investors in the UK, US, Canada, Europe, Asia and the Middle East to family offices and high net worth individuals. SL Capital Partners also manage segregated accounts for some of the worlds largest pension funds, including CalPERS.

SL Capital Partners has 22 dedicated investment professionals who have managed commitments to more than 110 partnerships on a primary and secondary basis, and have served on almost 100 advisory boards. The team has a track record of 50 co-investments, investing alongside leading private equity funds. The business is 40% owned by nine partners, with Standard Life Investments retaining 60%. In total SL Capital Partners has a staff of 42 operating through offices in Edinburgh (UK) and Boston (US).

For more information on SL Capital, please contact:

Nick Bastin, Capital MS&L - +44 207 255 5117 - nick.bastin@capitalmsl.com
Anna Davies, Capital MS&L - +44 207 307 5346 - anna.davies@capitalmsl.com
Tom Steiner, Capital MS&L - +44 207 307 5339 - tom.steiner@capitalmsl.com

For more information about Standard Life Investments please contact:

Brian Simmons - +44 (0) 131 245 5935 - brian_simmons@standardlife.com