SL Capital Partners, a private equity fund of funds manager, has held the final close of its European Strategic Partners 2008 fund.
The fund was capped at EUR700m, exceeding its original EUR500m 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.
The fund 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 EUR700m 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 EUR1.25bn from ESP 2008 and segregated account mandates for its fund of fund strategies.
David Currie, chief executive, SL Capital Partners, says: “That we have successfully closed ESP 2008 at EUR700m during such a turbulent time for global markets shows the continued strong appeal of 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 it 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 EUR1.25bn through the downturn is strong evidence that investors regard SL Capital as a key partner in developing their private equity programs. The success of our continuous fund raising model confirms our recent research that institutional investors and pensions consultants intend to increase or maintain their current allocation to private equity.”