ABERDEEN Standard Investments has launched a 50-50 joint venture with Alessandro Benetton’s 21 Partners, with the intention of ASI launching a €1 billion (£881m) private equity fund focused on Europe later this year.

Mr Benetton, who founded 21 Partners in 1992, is described on its website as a “pioneer in the Italian private equity market”. He is also a director of Edizione, the Benetton family holding company, and Italian-based multinational Autogrill, which operates food and drink outlets for travellers.

ASI, the asset management business of Standard Life Aberdeen, said the fund would target “active non-controlling interests with a focus on providing patient capital for the long term”.

The fund will aim to support growth in companies without their owners ceding majority stakes.

ASI said the fund term would be up to 15 years. It added the fund would also target “opportunistic transactions or special opportunities” which were time-sensitive and had a shorter investment horizon.

The joint venture, 21 Aberdeen Standard Investments Limited, will be based in its own offices in London with an initial team of six people.

Mr Benetton said: “I’m excited about launching this initiative with an outstanding partner.”

ASI co-chief executive Martin Gilbert, described the joint venture as a “powerful combination”.