FROM: Don Pierce, Chief Investment Officer
SUBJECT: Aberdeen Standard Co-Investment Fund II Investment Recommendation
RECOMMENDATION:
title
Recommend that the Board approve a $50 million commitment to the Aberdeen Standard Co-Investment Fund II.
body
BACKGROUND:
The Manager:
Aberdeen Standard Investments (ASI) is a U.K. based global investment company with over 40 offices globally. Created in 2017 from the merger of Standard Life plc and Aberdeen Asset Management LLC, ASI manages over $733 billion (as of June 30, 2019) in private equity (PE,) fixed income, multi-asset, alternative (hedge fund), real estate, infrastructure assets, and customized mandates.
SBCERA's relationship with Aberdeen Standard Investments started with a commitment of ?182 million ($206.3 million) in the European Strategic Partners 2004 fund-of-fund. This initial commitment was followed-up with an ?25 million ($28.3 million) commitment to the European Strategic Partners 2008 fund-of-fund. In 2013, SBCERA participated as a founder investor in the Secondary Opportunities Fund (SOF) I with a commitment of $25 million and has since made similar commitments to SOF II and SOF III. In 2018, SBCERA committed $40 million to SOF IV. Today, ASI manages over $13 billion in private equity assets across direct, secondary, fund-of-fund, and co-investments. Total value of SBCERA's investments in the various ASI funds is $71.8 million as of December 31, 2019.
The ASI Co-Investment Strategy:
ASI has been investing in European PE co-investment opportunities since 1999 and is in the process of raising its first commingled institutional fund. The Edinburgh, Scotland based 6-member co-investment team is part of a broader 40-person private equity team at ASI. Colin Burrow leads the team and has over 23 years of experience in private equity and over 10 years of experience in PE co-investing.
The co-investment strategy at ASI focuses on European mid-market companies that generate ?10-50 million i...
Click here for full text