Kaupthing Capital Partners II, a £500 million ($856 million; €643 million) private equity fund backed by nationalised Icelandic bank Kaupthing Bank Luxembourg, has been seized from its investment managers and placed under the administration of Smith & Williamson.
The fund issued a drawdown notice to its investors on 14 October to repay a credit facility from the bank, which collapsed and was seized by the Icelandic government on 9 October.
