Private equity

In 2007 we began building a significant private equity portfolio. We invest in two main ways:
  • Direct investor. We lead and co-lead transactions, with a particular focus on low risk private equity transactions that provide a combination of income and capital return over a longer investment horizon than traditional private equity. Our investments span across all sectors but we target assets which have specific characteristics: low volatility revenues; strong asset backing; supportive secular trends; pricing power; difficult to replicate assets or businesses; and prudent capital structures. 
  • Funds and co-investors. Our approach is to focus on a select group of high quality buyout and growth managers and to underwrite large commitments for strategic relationships and co-investment arrangements. We have an active co-investment programme, investing up to £100m in single positions alongside our managers. We have the capability to underwrite transactions pre- and post-signing and typically target resilient sectors with healthy cash flow profiles. 
Last updated: about 3 years ago

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