21 Partners and Aberdeen Standard Investments announced the establishment of a new UK based 50:50 joint venture (JV) – 21 Aberdeen Standard Investments Limited (21ASI) – with the intention of Aberdeen Standard Investments launching a direct €1bn private equity fund later this year.
The investment strategy for the fund will target active non-controlling interests with a focus on providing patient capital for the long term. It aims to support and facilitate growth in companies without owners ceding majority stakes in their business.
Beyond funding, 21ASI will provide portfolio companies with the support to help them manage challenges including managing their growth, the potential for disruption within their industry, and those posed by succession and generational changes in their companies.
The geographical focus for the fund will be on Europe and the fund term will be up to 15 years. The vehicle will also target opportunistic transactions or special opportunities which are time sensitive and with a shorter term investment horizon.
Investments will be identified by 21ASI, its JV partners and other stakeholders. 21ASI will be based in its own offices in London with an initial team of six people.
The Board will be led by Alessandro Benetton – Founder and Managing Partner 21 Partners – with the members drawn equally from both JV partners.