abrdn completes sale of its European-headquartered Private Equity business to Patria Investments for up to £100m
29 April 2024abrdn today announces that it has completed the sale of its £7.4bn* AUM European-headquartered Private Equity business to Nasdaq-listed Patria Investments for up to £100m.
The sale follows a strategic review of our Alternatives business, within which we concluded that the capital generated from the sale of certain of our private equity businesses would be better deployed within our core investment businesses.
The proposed sale was first announced in October 2023.
Rene Buehlmann, CEO Investments, abrdn commented:
“The sale of our European-headquartered Private Equity business to Patria Investments follows the sale of our US-headquartered Private Equity business to High Vista Strategies last year and marks another step forward in our efforts to reshape and simplify our Investments business.
We are building a modern investment company that brings together two leading UK wealth businesses with our global specialist asset manager that is now focused on areas where we have true strength and scale.”
Ends
Notes to editors
Rothschild & Co served as financial advisor and Macfarlanes LLP served as legal advisor to abrdn.
Latham & Watkins LLP served as legal advisor to Patria.
*as at Q1 2024
- Upfront consideration comprised of £60 million of cash.**
- Secured deferred consideration of £20 million plus interest of cash to be paid 24 months following completion.**
- Further payment of up to £20 million of cash to be paid subject to the performance of the business 3 years from completion.
** subject to any completion adjustments
Media contact
Duncan Young (00) 44 7920 868865
About abrdn
- abrdn is a global investment company that helps clients and customers plan, save and invest for the future. Our purpose is to enable our clients to be better investors.
- abrdn manages and administers £508bn of assets for clients (as at 31 March 2024).
- Our strategy is to deliver client-led growth. We are structured around three businesses – Investments, Adviser and Personal – focused on their changing needs.
- The capabilities in our Investments business are built on the strength of our insight – generated from wide-ranging research, worldwide investment expertise and local market knowledge.
- Our teams collaborate across regions, asset classes and specialisms, connecting diverse perspectives and working with clients to identify investment opportunities that suit their needs.
- As at 31 March 2024, our Investments business manages £374bn on behalf of clients - including insurance companies, sovereign wealth funds, independent wealth managers, pension funds, platforms, banks and family offices.
About Patria Investments
Patria is a leading alternative investment firm with over 35 years of specialized experience in key resilient sectors. It´s unique approach combines our knowledge of investment leaders, sector experts and companies’ managers, with on-the-ground local experience. With over U$ 40 billion of pro forma assets under management and a global presence, we provide attractive and consistent returns in long-term investment opportunities, while creating sustainable value for the regions where we operate.
Asset Classes: Private Equity, Infrastructure, Credit, Public Equities, and Real Estate.
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