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Aberdeen Standard Investments acquires Hark Capital

Wednesday, May 09, 2018
Opalesque Industry Update - Aberdeen Standard Investments today announced that it has completed the acquisition of specialist financing company Hark Capital from Enhanced Capital Group, LLC for an undisclosed sum.

Hark provides loans to mid-life and end of life private equity and venture capital funds. These loans are guaranteed at the fund level and provide financing for companies that would otherwise require equity. The loans are based on a fund's net assets, not the credit profile of an individual portfolio company. This structure provides investors in Hark's strategy with an opportunity to achieve attractive risk-adjusted returns, while offering the fund's sponsor flexible access to financing for the portfolio. Since 2013, Hark has completed over 30 investments working with private equity and venture capital funds.

The team will become part of the Aberdeen Standard Investments Private Markets division which consists of over 100 investment professionals based around the world, managing £17 billion across private equity, infrastructure, real assets, strategic credit and private markets solutions. Current Hark CEO, Doug Cruikshank, will continue to lead the team along with Senior Investment Managers Rich Davis and Rafael Castro. The focus will remain on financing private equity and venture capital funds, with no change to the investment philosophy. The team will continue to manage the Hark I (2012; $106 million) and Hark II (2017; $203 million) funds and will be based in the New York office of Aberdeen Standard Investments.

Aberdeen Standard Investments' Global Head of Private Markets, Peter McKellar, comments: "We're very pleased with the acquisition of Hark Capital as it represents a great milestone for expanding our Private Markets business into fund financing. There is increasing demand for this kind of product as private markets participants become more sophisticated and look for a combination of private credit and equity type solutions."

"We have seen some strong fundraisings in the space and view Hark Capital as an exciting opportunity to gain a foothold in a growing market. The intention will be to build on Hark Capital's successful presence in North America and leverage Aberdeen Standard Investments' global platform to expand over time the reach of the offering."

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