U.S. private equity firm HarbourVest Partners said it was taking advantage of a weaker pound to make a $1.35 billion bid for smaller British rivalSVG Capital (SVI.L) without the backing of its target’s board.

The approach bucks a weaker environment for deal making in Britain, Europe’s largest equity market, as many investors remain on the sidelines waiting for detail about the impact of the country’s vote to leave the European Union.

As well as the chance to buy a target more cheaply following a post-vote weakening in the value of the pound, Boston-based HarbourVest said it was attracted by the company’s short-term growth pr HarbourVest said since 2008, the discounted net asset values of London-listed private equity funds were attractive, underpinning its 650 pence per share offer, a 14.7 percent premium to the stock’s Friday close that values the firm at 1.02 billion pounds.

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