However, SVG will also receive its share of dividends and capital distributions pre-closing, which will take the total cash proceeds of the deal to around £41m, SVG said.
Aberdeen acquired the initial 50.1% stake in May 2013, with an option to acquire the remaining stake within three years.
The deal is expected to further strengthen Aberdeen’s existing private equity team that joined the firm as part of 2013’s acquisition of Scottish Widows Investment Partnership, which is headed by Graham McDonald.
According to an Aberdeen spokesperson, while a few of the team members will remain with SVG Capital, the majority will be integrated into the existing Aberdeen team.
“The combined team of over 20 investment professionals will oversee total assets under management of £6bn,” the firm said.
In a press release, Andrew McCaffery, global head of alternatives at Aberdeen was quoted as saying: “The purchase of the minority stake is a natural progression for Aberdeen in establishing a truly global PE franchise as we look to build on the established foundations of our alternatives platform.
He added: “Institutional investors are increasingly looking towards alternative asset classes, with access to private markets being a key element of diversifying their portfolios and enhancing returns.”
The deal is expected to close in the first half of 2015.
Lynn Fordham, CEO of SVG Capital, said: “This agreement completes the process we started with Aberdeen in 2013. The sale crystallises value for our shareholders and aligns the management team wholly with SVG Capital shareholders as we grow our portfolio of fund and co-investments.”
