UK - Schroder Investment Management has closed its second private equity fund of funds to new investors after raising e285m (£187m), beating its target of e250m.
Schroders said the fund – which invests in third-party US and European private equity funds – has already committed a total of e95m (£62m) to eight private equity managers.
The amount committed by investors to its Schroder Private Equity Fund of Funds II has exceeded the e242m (£159.1m) Schroders raised for its first private equity fund when it was launched in 2002.
Schroders added that investors in its first private equity fund had contributed the majority of the funds raised for SPEFOFII. It said that of the e285m raised for the SPEFOFII, e160m (£105m) was contributed by investors in its first fund and that the remainder came from a combination of institutional and high net worth investors.
Schroders chief operations officer Lester Gray said: “In a difficult fund-raising environment, we are delighted to have exceeded our target and raised e285m for our second fund of funds. We are grateful for the support of a number of the inv-estors in the first fund of funds and are delighted to welcome a number of new investors.
“We continue to see attractive opportunities in the Euro-pean and US private equity markets and believe SPEFOFII is well placed to build on the performance of its predecessor.”
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