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March 27, 2019updated 29 Mar 2019 10:03am

Family office Sandaire launches private equity business

By Oliver Williams

London-based multi family office Sandaire has announced a new private equity business to serve existing and prospective clients.

The launch comes little over two weeks after Sandaire said it was launching a new corporate finance division.

Sandaire Private Equity, as the new business is named, will give clients the “opportunity to invest in unquoted businesses across the spectrum of growth to buyout, funds, co-investments, direct and underwriting investments,” the company said in a statement on Wednesday.

James Fleming, chief executive of Sandaire, said he was seeing an “increasing demand from existing clients for investment into unquoted companies.”

He previously told PBI in December that around 10% of the assets Sandaire managed was invested in private equity vehicles and it was continuing to grow.

The alternatives data provider Preqin estimates private equity will overtake hedge funds as the largest alternative asset class in the next five years, with $4.9 trillion in assets under management expected by 2023.

UHNWIs are part of that movement. Earlier this month, Knight Frank’s Wealth Report found a 14% increase in UHNWI allocations towards private equity in 2018.

BNP Paribas’ 2019 Entrepreneur Report found 63% of the UHNWIs it interviewed preferred private equity when making direct investments.

However, most – 27% – rely on a wealth manager or financial advisor for their exposure to private equity investments. Just 9% invest through family offices, BNP’s report said.

Sandaire Private Equity head

Sandaire has hired Michael Mowlem as managing director of its private equity unit.

Sandaire Private Equity

Michael Mowlem

 

Mowlem joins from LGV Capital, the private equity business of Legal & General Group plc., where he held the positions of managing director and, from 2013, chief executive.

Commenting on the move, he Mowlem said, “We have a clear, relationship-focused strategy, building on the reputation and recognition Sandaire already holds within the private equity market, and we are excited by the opportunity to develop a stronger proposition for our clients and the market.”

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