Schroders, the asset management and private banking firm, has raised €172m ($153m) for the first close of its private equity fund of funds, well on target to reach its goal of €300m in the second quarter of 2002.
Andrew Sykes, head of alternative investments at Schroders, said that further commitments were pending before the final close in mid-2002. He said: "The general market backdrop has been difficult, but many investors are now saying this is the right time to commit to private equity. Taking a long-term view, it is in times like this that private buyers can get value."
