A management buy out from Aberdeen Asset Management has created
a new private equity house in Glasgow.
Managing around £160 million for 9,000 investors, Maven Capital
Partners UK runs a variety of funds, including seven venture
capital trusts.
Maven will typically invest in companies with annual profits of
between £1m and £5m. Its average investment is between £1m and
£6m.
In recent interviews, Bill Nixon, Maven's managing partner has
stated there is potential to expand Maven's back-office function,
by taking on fund accounting work for private equity houses and
other asset managers based in London. He believes it makes sense
from a cost perspective, and in terms of stability of staff, for
such London players to consider outsourcing back-office work to
Maven in Glasgow.
Nixon said: "I am delighted to start a new private equity
business in Glasgow. It is a good story. We have got a decent
platform to build another fund management business in Glasgow and
don't underestimate the back office services - which we see as a
growth area as well".
Maven joins a list of established independent private equity
houses such as Penta Capital and Scottish Equity Partners, already
based in Glasgow.