Private Equity Investment Solutions | Our approach

Risk warning

The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not a guide to future results.

Experience

£13.0bn/€14.5bn/$16.9bn AUM and we hold over 400 advisory board seats. We offer a huge range of private equity solutions for our clients, having raised over 100 vehicles, backed over 500 private equity general partners (GPs) and having made over 1,000 fund commitments.

Source: abrdn, all data as at 31 December 2021.

Expertise

We have over 40 private equity professionals globally, bringing invaluable on-the-ground insight and expertise.

Resource

We are also able to leverage huge resources from across abrdn, including industry-leading economic research, a global distribution network, dedicated legal, due diligence, finance, operations, risk and responsible investing teams. This means our clients have access to the best investment insights from across our whole business.

Our ESG approach to equity investing

We believe that ESG factors are financially material and can impact a company’s performance – either positively or negatively. Understanding ESG risks and opportunities, alongside other financial metrics, is therefore an intrinsic part of our research process.

We actively engage with the companies in which we invest with a top down Portfolio Construction Committee assessment of ESG risks by country. We screen out pipeline opportunities that do not fit with our ESG focus and objective and combine this with the insights of our investment managers, ESG equity analysts and central ESG investment team. This comprehensive approach means we can build a richer, more holistic view of each company. It also means we can consistently evaluate one company against another.

This is all part of our responsible stewardship of our clients’ assets – helping us mitigate risks, unlock opportunities and enhance potential long-term returns.

Read our Sustainability Report

What we offer our clients

Primary Investments

Primary investments are those made in private equity funds during their initial capital-raising. A portfolio of primary fund investments, also known as a fund-of-funds, gives investors access to the expertise of multiple fund managers and a variety of companies through a single investment. Our long experience as a primary investor means our clients can benefit from the following:

A rigorous, time-tested evaluation process;
Access to leading managers globally, providing exceptional choice of opportunities;
More than 25 years of relationship building, so we fully know our general partners and can be confident in our investment decisions;
A process with ESG interaction at its core.

Secondary Investments

Secondary investments involve the buying and selling of pre-existing investor commitments to private equity funds. We are well placed and active in the secondary market where our deep relationships, strong reputation and network of intermediaries give us a distinct advantage and allow us to offer our clients excellent access to this market.

Co-Investments

Private equity co-investments, or direct investments, are investments made alongside another GP directly into companies. There are many benefits to co-investing, including the ability to gain exposure to what we believe are attractive investment opportunities whilst avoiding a layer of fees. Again, our strong, long-standing relationships with GPs, combined with our proven experience, mean we are leading players in this segment of the market.

Investment Trust

The investment objective is to achieve long-term total returns through holding a diversified portfolio of private equity funds and direct investments into private companies alongside private equity managers (“co-investments”), a majority of which will have a European focus.

www.abrdnpeot.co.uk

Key Documents

Good Governance Policy

Sustainability report

Our team

Colin Burrow

Head of Co-Investments

Colin Burrow is Head of Co-Investments based in the Edinburgh office. He is responsible for all aspects of co-investing including sourcing, evaluating and execution. He is a member of the Investment Committee. Colin joined the company in 2014 from the Scottish Widows Investment Partnership (SWIP) heritage team. Prior to joining SWIP in 2013, he led a dedicated co-investment team at Lloyds Banking Group responsible for origination and asset management. Colin joined Lloyds from Bridgepoint where as an Investment Director he spent six years investing in mid-market European buyouts. He began his career advising on mid-market buyouts with Andersen Corporate Finance. Colin holds an LLB (Hons) in Law from the University of Strathclyde and a Securities Institute Diploma.

John Dickie

Co-Head of Private Equity USA

John Dickie is Co-Head of Private Equity USA based in the Boston office. His primary responsibilities include sourcing, evaluating and executing primary investments and co-investments and he is a member of the Investment Committee. John joined the company in 2015 from the FLAG Capital Management heritage team where he held a role of Principal. Prior to joining FLAG in 2010, John was a Principal at Berkshire Partners. Previously, he worked at DLJ Merchant Banking Partners as a Senior Analyst-Private Equity. He began his career with Credit Suisse First Boston as a Financial Analyst in the Investment Banking division. John holds an MBA from Harvard Business School and a BA in Economics from Middlebury College.

Kirsten Morin

Co-Head Global Venture Capital

Kirsten oversees the abrdn Venture Partners program alongside Peter Lawrence and has been focused on the abrdn Venture Partners program since joining the firm in 2005. She has been involved in all aspects of the investment process, and has been particularly involved in screening the emerging manager ecosystem for investment opportunities. Kirsten also plays a central role in manager due diligence and oversees junior team members in the investment and fund monitoring process. She has worked on the AVP funds for the last sixteen years and was a Principal at FLAG Capital Management prior to its acquisition by AAMI in 2015. Prior to joining FLAG in 2005, Kirsten worked for IBM in a variety of analytical roles. Kirsten holds a BS from Babson College. She has over 16 years of venture capital experience.

Merrick McKay

Head of Europe - Private Equity

Merrick joined the company in 2014 and is based in the Edinburgh and London offices. abrdn's European Private Equity business, with over €8bn AuM, encompasses primary and secondary fund investments and co-investment activities undertaken by a team of over 30 investment professionals. Merrick is Head of Europe and a member of the abrdn Private Equity Investment Committee.

An Australian, Merrick has over 25 years’ experience in the European private equity industry. Prior to joining abrdn, Merrick was Head of European Investments and Senior Partner of Macquarie’s Private Markets division. Previous roles include 13 years as a Partner and Investment Committee member of Primary Capital (the London-based, lower mid-market private equity firm) where he was responsible for leading, originating and managing numerous private equity investments in the UK. Merrick holds Bachelor of Commerce and Bachelor of Laws degrees from the University of Queensland.

Merrick is a regular speaker at private equity conferences, and is a member of Invest Europe’s Limited Partner Council.

Patrick Knechtli

Head of Secondaries

Based in Edinburgh, Patrick heads up the secondaries team of abrdn and is involved across the private markets activities of the firm. He joined predecessor firm SL Capital in 2009, which then merged with the company’s private markets business in 2017. Prior to joining, Patrick spent eight years at Coller Capital in London, where he worked on numerous secondary portfolio transactions. His early career consisted of seven years in investment banking, first at Baring Brothers and then at ABN Amro Corporate Finance. Patrick has a MA (Hons) in Modern Languages from the University of Exeter and is fluent in French and Spanish.

Peter Lawrence

Co-Head Global Venture Capital

Peter Lawrence oversees the abrdn Venture Partners program alongside Kirsten Morin and is a member of the strategy’s investment committee. As a co-founder of FLAG Capital Management, Peter has focused exclusively on venture capital fund investments and has been a member of the firm’s Private Equity investment committee since inception. Prior to co-founding FLAG in 1994, Peter spent twelve years managing both direct and indirect venture capital and private equity portfolios as Executive Vice President of the Marshall Field family office. He has over 30 years of experience in the private equity business. Peter holds an MBA from Harvard Business School and a BA from Trinity College.

Scott Reed

Co-Head of Private Equity USA

Scott Reed is Co-Head of Private Equity USA based in the Boston office. He joined the company in 2015 from the FLAG Capital Management heritage team where he held a similar role as Partner and Head of the Private Equity strategy. Prior to joining FLAG in 2007, Scott was a Principal at Portico Capital LLC, and a Senior Associate at J.H. Whitney & Co. Previously, he worked at Goldman, Sachs & Co. and Morgan Stanley Dean Witter & Co. Scott holds an MBA from the Amos Tuck School at Dartmouth College and a BA in Economics with Mathematics Concentration from Colby College and the London School of Economics.