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SL Capital buys Pantheon fund stake

Edinburgh-based SL closed its debut secondaries fund earlier this year on $190m and has made three investments so far.

SL Capital Partners, the private equity arm of Edinburgh-based Standard Life Group, has purchased a limited partner interest in Pantheon Europe Fund V using its maiden secondaries fund, according to a UK regulatory filing.

Pantheon Europe V is a 2006-vintage fund of funds that raised $724.1 million, according to PEI’s Research and Analytics division. Other LPs in the fund include the Australian Post Superannuation Scheme and the Halifax, Canada-based Dalhousie University Pension Trust Fund. The fund is partially liquidated, according to PEI data, but Pantheon declined to comment on the fund’s investments.

SL closed its first secondaries fund on $190 million in February, Secondaries Investor disclosed last week. The fund launched after finding a cornerstone investor in the middle of 2013. The undisclosed LP is not the largest in the fund, however. The fund has 10 LPs, which are primarily pension funds but includes one large family office.

The fund is roughly 30 percent deployed in three transactions. It’s unclear if the Pantheon stake is part of those transactions and SL was unavailable to comment by press time.

SL purchased the stake from the Royal Borough of Windsor & Maidenhead, which is the administering authority to the Royal County of Berkshire Pension Fund, according to the filing. Last month, RBWM completed its first purchase on the secondaries market, buying a stake in Macquarie European Infrastructure Fund III from The University of Arizona Foundation. RBWM was unavailable to comment on the Pantheon transaction.