Schroders Capital Semi-Liquid Global Private Equity is the flagship private equity fund offered by Schroders Capital, specifically designed for professional investors seeking access to a diversified portfolio of global private equity investments through a flexible, semi-liquid structure. The fund enables investors to participate in the private equity market, traditionally characterized by limited liquidity and high entry barriers.
History and Purpose
Launched in 2019, Schroders Capital Semi-Liquid Global Private Equity aims to provide capital growth over the medium to long term by investing worldwide in private equity. Leveraging Schroders’ pioneering mindset and extensive experience in managing private markets investments, the fund has built a strong track record with its evergreen structure, giving investors exposure to seasoned private equity opportunities while maintaining periodic liquidity.
Structure & Liquidity
Structured as a SICAV domiciled in Luxembourg, the fund offers subscriptions in USD and EUR, with monthly subscriptions and quarterly redemptions, subject to a 90-day notice period and up to a 5% NAV redemption fee. This approach provides significantly enhanced liquidity compared to traditional private equity funds.
- Fund Size: USD 2.1 billion
- Minimum Investment: USD/EUR 10,000 (or equivalent)
- Liquidity: Monthly subscriptions and quarterly redemptions, subject to a 90-day redemption notice and up to a 5% NAV redemption fee
- Performance Carry: None
- ISIN: LU2005485581
Minimum investment for at least one share class is set at USD/EUR 10,000, providing accessibility to a broad range of professional investors. The fund carries no performance fees, charging investors an ongoing management fee of approximately 3.28% per annum (per KID).
Strategy
Schroders Capital primarily invests across private equity secondaries, co-investments, and primary fund opportunities:
- Secondary Fund Investments: ~45%
- Co-Investments: ~44%
- Primary Fund Investments: ~10%
- Listed Equities: Minimal exposure (~0.1%)
Key features include:
- Diversified across multiple vintages, managers, and sectors, substantially reducing single-risk concentration.
- Exposure predominantly to buyouts (>80%), complemented by growth capital and venture capital
- Geographically balanced with significant allocations to Europe (circa 45%), North America (c.45%) and some Asia.
- The fund is led by Schroders Capital’s dedicated private equity team, under the experienced leadership of Benjamin Alt, who has managed the fund since inception. The team utilizes Schroders' strong network and relationships across global private equity markets to source high-quality investment opportunities.
Its internal deal sourcing capabilities mean there are no external fund-of-funds layers or associated costs. GAIA II does not operate as a fund-of-funds, but, instead, it sources most of its investments from Schroders Capital’s internal platform, giving it access to direct deals, co-investments, and fund commitments already underwritten for institutional clients. This avoids the typical fee drag of multi-manager fund structures and gives the manager more control over portfolio construction and pacing. However, it is a "single-GP" fund, meaning investors have single-manager exposure (although at the size of Schroders, this should not weigh too heavily).
Why Consider This Fund?
- Access to global private equity markets through a semi-liquid, evergreen structure.
- Immediate exposure to diversified, mature private equity assets, reducing "blind-pool" risk (i.e. investors know what assets they are investing in)
- Enhanced liquidity relative to traditional private equity vehicles, with quarterly redemption opportunities.
- Transparent, investor-friendly fee structure with no performance carry.
- Managed by Schroders, a globally respected manager with a proven track record in private equity and alternative investments.
