US capital backs Aberdeen fund of funds

Aberdeen Asset Management has launched another pan-European fund of funds, with an €85m investment from the Employees Retirement System of Texas.

Aberdeen’s head of property multi-manager, Jon Lekander, said the indirect mandate “is structured around a fund of funds that can also take in other capital. We have some potential interest, but it’s early days.”

Lekander said investments would be made mainly via funds, “but we are not afraid to be a cornerstone investor in funds, ie in between tailor-made and existing investments”.

The mandate is for a value-added investment strategy. Aberdeen manages about €2bn of European property multi-manager mandates, invested in around 100 funds globally.

“We’ve held off new investment in Europe in the past six months, but it is going to be an interesting time,” Lekander said. “We are looking at Western Europe and starting to look at parts of southern Europe, ready for when pricing becomes more attractive.”