Global investment company abrdn has completed the sale of its £7.4bn European-headquartered private equity operation to alternative investment firm Patria Investments for around £100m, with the business set to be renamed Patria Private Equity Trust.
According to a press release, the sale, which was announced last October, follows the firm’s strategic review of its alternatives business, after which it concluded that capital generated from the sale would be better deployed within its core investment businesses.
In a statement, Rene Buehlmann, CEO of Investments at abrdn, said that the sale followed that of its US-headquartered private equity business to High Vista Strategies last July, which “marks another step forward in our efforts to reshape and simplify our investments business”.
Rothschild & Co and Macfarlanes advised abrdn, while Latham & Watkins advised Patria.
Read more:Private Equity Wire
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