Aberdeen Standard Investments has joined forces with European buyout firm 21 Partners to set up a €1bn private equity fund, FN's sister publication Private Equity News reports.

The joint venture, which will launch later this year, will buy non-controlling stakes in European companies and will be able to hold investments for up to 15 years, Aberdeen said. Buyout firms typically prefer to own companies outright and look to sell their investments within 10 years.