UK – The Schroders Private Equity Fund of Funds has attracted €172m in the first phase of its launch, says Schroders after announcing the fund’s first close.

“The significant initial sum on the first close of the fund of funds reflects the strong demand for private equity across institutions and high net worth individuals,” says head of alternative investment Andrew Sykes.

Schroders says that the result is well ahead of its ultimate target of €300m by the final close of the fund in the second quarter of this year. Adds Sykes: “We can look forward to receiving more commitments before the final close in mid 2002.”

The fund, which is listed on the Irish stock exchange, has an investment objective to achieve long term capital growth for investors by investing mainly in US and European private equity portfolios. It is managed by the London-listed Schroder Ventures International Trust, a wholly-owned private equity fund of funds subsidiary of Schroders with net assets of €660m.

Schroders has over £122bn (€197.5bn) in assets under management.

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