The sale follows a strategic review of abrdn’s alternatives business, within which it concluded that the capital generated from the sale of certain of private equity businesses would be better deployed within its core investment businesses.

Rene Buehlmann, CEO Investments, abrdn commented: “The sale of our European-headquartered Private Equity business to Patria Investments follows the sale of our US-headquartered Private Equity business to High Vista Strategies last year and marks another step forward in our efforts to reshape and simplify our Investments business.

“We are building a modern investment company that brings together two leading UK wealth businesses with our global specialist asset manager that is now focused on areas where we have true strength and scale.”