News & Analysis

SLEPET gains exposure to Nordic and Onex

SL Capital Partners' listed vehicle acquired stakes in 2013- and 2012-vintage funds, according to its interim results.

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Standard Life Private Equity Trust, the listed fund of funds arm of SL Capital Partners, bought stakes in two name-brand buyout funds in the six months to 31 March.

SLEPET acquired a $20 million stake in Onex Partners IV and a €15.2 million stake in Nordic Capital Fund VIII, according to its interim results published on 18 June.

The identity of the seller is unclear.

Onex IV is a $5.7 billion fund which closed above its $4.5 billion target in 2014 after 10 months in market, according to PEI data. Large LPs in the fund include the California Public Employees’ Retirement System, which committed $300 million, and the California State Teachers’ Retirement System, which committed $200 million.

Assets in the fund include aerospace and space technology provider AIT and Alabama-headquartered fast food chain Jack’s Family Restaurants, according to Onex’s website.

The fund has a since-inception internal rate of return of 2.52 percent, according to performance data from CalSTRS. Its predecessor, the 2008-vintage Fund III, has returned 15.19 percent. It is unclear whether the CalSTRS figures are gross or net.

Nordic Capital VIII closed on its €3.5 billion target in 2013, according to PEI data. Minnesota Board of Investment committed $200 million and Washington State Investment Board €320 million.

Assets in the vehicle include German healthcare services provider Alloheim and digital savings platform Nordnet, according to Nordic’s website.

The fund has a since-inception net internal rate of return of 18.21 percent and a net multiple of 1.5x as of the end of last year, according to performance data from WSIB. Predecessor, the 2008-vintage Fund VII, has returned 15.19 percent and a 1.3x multiple.

SLEPET’s portfolio comprises 54 private equity fund interests valued at £518.6 million ($683 million; €591 million).

Onex and Nordic respectively ranked 23rd and 80th in the PEI 300, sister publication Private Equity International‘s list of the largest private equity firms by funds raised over a five year period.