SL Capital Partners, Standard Life’s private equity unit, has held the first close on its latest dedicated secondaries fund on more than half its target.
Edinburgh-headquartered SL Capital has collected $213 million for SL Capital Secondary Opportunities Fund III (SOF III), according to a filing with the US Securities and Exchange Commission. The fund launched this year with a $400 million target, according to PEI data.
SOF III has received commitments from 15 limited partners, according to the filing. These include Surrey County Pension Fund and Cumbria Local Government Pension Scheme, according to PEI data.
The fund is expected to generate a net internal rate of return of 17 percent over the life of the fund, Secondaries Investor reported in April. Its focus will include niche and less competitive areas of the market including stakes in funds of funds and secondaries funds.
The firm’s predecessor, SOF II, closed above its $200 million target on $291 million in May.
SL Capital declined to comment.