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The buyout was led by Bill Nixon, head of investment for Aberdeen's private equity division, along with senior executives Andrew Craig, Jock Gardiner, Stella Panu, Bill Kennedy and Andrew Ferguson.

They will have a majority stake in the new company with Aberdeen keeping a minority shareholder.

Mr Nixon, who has become managing partner of Maven, said: "The opportunity has now arisen to acquire the business and become an independent private equity fund manager, which is a natural evolution for the team more in line with current industry practice."

Martin Gilbert, chief executive of Aberdeen, said he was delighted Mr Nixon and his team had taken the opportunity to buyout Aberdeen's private equity business.

He said: "The management team will now have a majority stake in their new business, thereby aligning their long-term interests with those of their clients and investors."

The entire investment team in Aberdeen's private equity business, as well as back office functions, has moved across to the new business, which will employ 25 people.

Maven, which means an expert or connoisseur, will be a UK lower mid-market private equity firm and will manage the £160m of capital that the team previously managed at Aberdeen.

It will continue to manage funds on Aberdeen's behalf, including the Aberdeen Income and Growth VCT, the Aberdeen Growth VCT I, the Aberdeen Growth Opportunities VCT and the Aberdeen Growth Opportunities VCT2.

Mr Nixon said whether the Aberdeen VCT funds would be re-branded was something that would be discussed.

Maven will also manage the Gateway VCT, Guinness Flight VCT and the Talisman First VCT.

The new private equity firm will have offices in Aberdeen, Glasgow, Manchester, Birmingham and London.

According to Mr Nixon it will back established and entrepreneurial management teams at private companies valued at up to £25m.

It will complete an average of six to 10 deals a year, using between £25m and £35m capital. This will come from a range of client funds, including VCTs and a syndicate of co-investors.

Ben Yearsley investment manager of Bristol-based IFA Hargreaves Lansdown, said: "This has been on the cards for a long time. It was such a small part of Aberdeen that it was going to happen at some point.

"The managers now own the business so will be more incentivised to perform. It will be a good move for VCT shareholders."