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F&C European private equity partnership completes fund raising

F&C Asset Management has held a final close at EUR173m million for its European-focused mid-market private equity fund of funds, F&C European Capital Partners, which is managed by

F&C Asset Management has held a final close at EUR173m million for its European-focused mid-market private equity fund of funds, F&C European Capital Partners, which is managed by the firm’s Edinburgh-based private equity funds team headed by Hamish Mair.

F&C European Capital Partners has attracted support from institutional investors from a range of countries including the UK, Netherlands and Germany, and several pension schemes.

‘The fund will invest in a range of mid-market buy-out and mezzanine funds as well as directly in private equity companies from across Europe,’ Mair says. ‘The mid-market is attractive both from a long-term secular perspective as well as providing shorter term cyclical opportunities to make excellent private equity investments.

‘The credit crunch is lowering prices in the mid-market, but it is still possible for the main investors to arrange debt for buy-outs; this is a good combination from an investor’s point of view.’

The new fund is expected to be the first in a series of limited partnerships planned by Mair’s team, which also manages the GBP180m F&C Private Equity Trust, a UK-listed investment trust.

F&C Asset Management is a London-listed asset management group that traces its origins back to 1868 with the launch of the Foreign & Colonial Investment Trust, the first-ever publicly listed investment fund and one that is still managed by F&C.

At the end of March F&C managed GBP101.8bn in assets for institutional, insurance and retail clients across all major asset classes, equities, bonds, cash and property, and in alternative and specialist product categories such as socially responsible investment funds, hedge funds, funds of hedge funds, private equity funds, global tactical asset allocation products, enhanced alpha funds and liability driven investments.

F&C manages assets principally from investment centres in London, Amsterdam and Edinburgh and has offices in France, Germany, Ireland, the Netherlands, Portugal, Sweden, Switzerland, the UK and US.

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