Standard Life closes fund

STANDARD Life’s private equity arm has closed its latest fund of funds on €700m (£594m), around €200m below its previous investment vehicle.

SL Capital Partners’ European Strategic Partners 2008 fund, which will invest in western European buy-outs, received €200m more than its original target.

SL Capital chief executive David Currie said: “That we have successfully closed ESP 2008 at €700m during such a turbulent time for global markets shows the continued strong appeal of SL Capital’s private equity fund-of-funds model.”

ESP 2008 is the fifteenth fund for SL Capital, and has attracted more than 50 new and returning investors.

The firm has raised €6.2bn to invest in European and North American assets since 2000.