Aberdeen transforms Bramdean Alternatives to PE vehicle

Aberdeen Asset Management has almost finished transforming listed portfolio Bramdean Alternatives from a hybrid multi-asset class vehicle to one focusing solely on private equity funds.

The asset manager bought the £42m fund in November from former manager Nicola Horlick in November after a bitter fight between Horlick and Vincent Tchenguiz, who helped her establish Bramdean, before their business relationship soured. Since taking control, Aberdeen sold down all but one of Bramdean’s significant hedge fund holdings and other non-private equity portfolios, which together comprise 16% of the fund. In November, Bramdean had 27% in private equity, 20% in niche funds, 10% in hedge and 42% in cash and other investments. Of the 45% exposure it now has to private equity, ...