UK - Royal London Asset Management (RLAM) has established a new private equity joint venture, named Royal London Private Equity (RLPE).
Owned by RLAM and David MacLellan, former managing director of Murray Johnstone, RLPE was formed to raise funds for investment in private equity opportunities in the UK and mainland Europe.
Operating out of offices in London and Glasgow, the joint venture will manage Royal London’s portfolio of private equity funds and direct investments.
RLPE will immediately begin marketing a new private equity limited partnership, with the aim of raising £200m. RLAM will commit up to £50m to the fund, which is expected to close within 12 months.
RLPE will begin operations with MacLellan in Glasgow and one executive in London and expects to recruit a further five executives over the next year.
MacLellan joined Murray Johnstone’s private equity team in Glasgow in 1984 where he was head of private equity during the 1990s until 1997 when he was appointed deputy managing director of the Murray Johnstone group and subsequently managing director. He joined the board of Aberdeen Asset Management when it bought Murray Johnstone but stepped down in May of this year.
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