abrdn to sell European private equity business for £100m

Follows sale of US private equity arm

abrdn has agreed to sell its European-headquartered private equity business, which holds £7.5bn in assets, to Patria Investments in a £100m deal.

The asset manager said the decision to sell the business followed a strategic review of its alternatives division, which concluded that the capital raised from the sales of some of abrdn's private equity business would be "better deployed" within its core investment business. abrdn recently completed the sale of its $4bn US private equity and venture capital business to US-based alternatives boutique HighVista Strategies. The sale to Patria is expected to complete in the first half of 2024. Patria offered an upfront consideration of £60m in cash, with a secured deferred consideration ...