Schroders Capital Semi-Liquid Global Private Equity

Global access to attractive small and mid-market companies

Outsized growth potential

Get access to the most attractive segments of the private equity market globally through small and mid-market companies

Get capital working today

Immediate capital deployment in a well-diversified portfolio

Open-ended and semi-liquid

Monthly subscriptions and quarterly redemptions of 5%

Fund investment objective

The fund aims to provide capital growth over the medium to long term by investing in a diversified range of private equity investments worldwide

What does the fund invest in?

Schroders Capital Semi-Liquid Global Private Equity focuses on buyouts of small and medium companies from Western economies and Asian growth opportunities. The fund targets a portfolio that’s well diversified by region, investment vintage and sector so it's less exposed to cycles affecting certain sectors.

Learn more about the fund and its potential benefits in our product overview.

Why invest in private equity now?

  1. End of 60/40 portfolios? With high correlations between public equities and fixed income, private equity can enhance portfolio diversification and deliver differentiated sources of return.
  2. Buybacks and "de-equitisation": The public equities universe is shrinking, driven by de-listings and buybacks, highlighting the need to explore private equity for attractive investment opportunities.
  3. Structural trends like decarbonisation, demographics, deglobalisation, and technological advancement means new companies are emerging, creating a wealth of opportunities only accessible via private markets.

CASE STUDY

Norvestor

Oslo, Norway

Norvestor is a strong performing Nordic manager which Schroders Capital has followed for a long time and invested in through a secondary in early 2019. The General Partner (GP) wanted to accelerate liquidity for its 2016 vintage Fund VII and selected four best performing assets for a GP-led transaction. All four companies were initially sourced by Norvestor on proprietary basis and have been transformed into clear market leaders during their ownership. Strong current trading and single-digit discount, which has been negotiated, led to very reasonable entry valuations for the four assets. Schroders Capital followed the GP-led process from early stages and managed to get full allocation and advisory board seat in an oversubscribed transaction.

Disclaimer: The company shown is for illustrative purposes only and not a recommendation to buy or sell.

  • First investment

    2019

  • Sector

    Multiple (Consumer, Business Services and Industrials)

  • Type

    Secondary

Fund update – H1 2024

Key topics: 0:07 – Introduction. 1:03 - Fund overview. 3:02 - Investment strategy. 4:07 - Portfolio allocation. 6:38 – Valuations. 9:50 – Performance. 11:29 - Top 10 portfolio companies. 13:16 - Case study. 17:17 – Summary.

What are semi-liquid investment products?

Open-ended structures - where investors can buy and sell at a prevailing NAV - have historically had limited applicability in private markets due to the illiquid nature of the underlying investments. In response to this, semi-liquid structures have been developed to provide liquidity in a controlled manner.

A well-constructed portfolio, one that is diverse by geography, sector, type and vintage, can engineer a level of “natural liquidity” that is regular and consistent. Semi-liquids also employ liquidity management tools that can control liquidity within the fund. The result is a platform that provides investors with a liquidity window without compromising returns and helps them meet their investment objectives.

Fund information

Find out more information on the fund and access key investor documents through our fund centre.

Meet the managers

Slide 1 of 2

David Bajada

Head of Private Equity Industrial Investments

Benjamin Alt

Head of Global Private Equity Portfolios, Head of Private Equity Consumer Investments

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Risk considerations

Market risk - The value of investments can go up and down and an investor may not get back the amount initially invested.

Private equity risk - Private equity strategies are subject to a variety of risk conditions, including, but not limited to, the risk that too much is paid for acquiring a business, new or unproven management, new or less mature business strategies or unsuccessful integration with existing businesses.

Private market valuations - In times of stress it may be difficult to find appropriate prices for private asset investments and they may be valued on the basis of proxies or estimates.  This may lead to significant changes in the valuation of the fund, or the inability to determine a reliable net asset value which may lead to a suspension of the fund.

Tax risk - The Fund and its returns may rely on certain available tax efficiencies at the inception of the Fund which may be subject to changes in tax treatment or interpretations. Any change in the actual or perceived tax status or exposure of the Fund or its investments as well as in tax legislation, practice or in accounting standards could adversely affect the anticipated level of taxation.

Currency risk - The fund may lose value as a result of movements in foreign exchange rates, otherwise known as currency rates.

Emerging markets & frontier risk - Emerging markets, and especially frontier markets, generally carry greater political, legal, counterparty, operational and liquidity risk than developed markets.

Interest rate risk - The fund may lose value as a direct result of interest rate changes.

Liquidity risk - The fund invests in illiquid instruments, which are harder to sell. Illiquidity increases the risks that the fund will be unable to sell its holdings in a timely manner in order to meet its financial obligations at a given point in time. It may also mean that there could be delays in investing committed capital into the asset class.

Operational risk - Operational processes, including those related to the safekeeping of assets, may fail. This may result in losses to the fund.

Performance risk - Investment objectives express an intended result but there is no guarantee that such a result will be achieved. Depending on market conditions and the macroeconomic environment, investment objectives may become more difficult to achieve.

Important Information

Marketing material for professional clients only.

This website does not constitute an offer to anyone, or a solicitation by anyone, to subscribe for shares of Schroders Capital Semi-Liquid (the “Company”). Nothing in this document should be construed as advice and is therefore not a recommendation to buy or sell shares. An investment in the Company entails risks, which are fully described in the prospectus.

The Company qualifies as a Société d’Investissement à Capital Variable (“SICAV”) and as an alternative investment fund within the meaning of article 1(39) of the 2013 Law.

Subscriptions for shares of the Company can only be made on the basis of its latest Key Information Document (where available) and prospectus together with the latest audited annual report (and subsequent unaudited semi-annual report, if published), copies of which can be obtained, free of charge, from Schroder Investment Management (Europe) S.A. These documents may be obtained in English, free of charge, from the following link: www.eifs.lu/schroders.

Schroders may decide to cease the distribution of any fund(s) in any EEA country at any time but we will publish our intention to do so on our website, in line with applicable regulatory requirements.

This fund does not have the objective of sustainable investment or binding environmental or social characteristics as defined by Regulation (EU) 2019/2088 on Sustainability-related Disclosures in the Financial Services Sector (the “SFDR”). Any references to the integration of sustainability considerations are made in relation to the processes of the investment manager or the Schroders Group and are not specific to the fund.

Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy.

Past Performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of investments to fall as well as rise. Performance data does not take into account any commissions and costs, if any, charged when units or shares of any fund, as applicable, are issued and redeemed.

Schroders has expressed its own views and opinions in this website and these may change. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy.

Schroders will be a data controller in respect of your personal data. For information on how Schroders might process your personal data, please view our Privacy Policy available at https://www.schroders.com/en/global/individual/footer/privacy-statement/ or on request should you not have access to this webpage. A summary of investor rights may be obtained from https://www.schroders.com/en/global/individual/summary-of-investor-rights/. For your security, communications may be recorded or monitored.

Issued by Schroder Investment Management (Europe) S.A., 5, rue Höhenhof, L-1736 Senningerberg, Luxembourg. Registration No B 37.799.

Distributed in the UK by Schroder Investment Management Ltd, 1 London Wall Place, London EC2Y 5AU. Registration No 1893220 England. Authorised and regulated by the Financial Conduct Authority.