UK insurer Standard Life Assurance plans to launch a £160m (€259.6m) investment trust for European private equity funds, in a bid to attract institutions which are hesitant to invest in unlisted vehicles.

Standard Life Investments, the insurer's asset management arm, will transfer holdings in 19 of its relatively mature funds to the new trust. The funds include investment pools managed by Apax Partners, Candover, and CVC. The move will give Standard Life a stake of just over 50% in the trust.