The firm said its Standard Core Infrastructure II SCSp Fund and Aberdeen Standard Core Infrastructure III SCSp Fund were impacted by the administration.

HSBC and Lloyds, lenders for Airband, are also understood to be taking a hit from the sale of the broadband provider. Voneus acquired the assets and customer-base of Airband on Friday but it did not disclose any financial terms of the sale.

An Aberdeen spokesperson said: “Strong demand for fibre connectivity, underserved rural markets with less competition and government-backed subsidy support schemes had originally drawn a range of investors to the sector.

“More recently, Airband has faced significant headwinds consistent with those affecting the wider UK fibre market, including higher build costs, slower customer growth, increased competition, and a challenging financing environment.

“These are challenges that have since resulted in material impairments and restructurings elsewhere in the sector. Following a disciplined review of future funding requirements and risk-adjusted return prospects, we made the difficult decision to cease further funding.

“While the situation remains challenging, this investment was one part of a diversified portfolio which has otherwise performed strongly and is currently expected to deliver positive returns to fund investors overall, notwithstanding the ultimate outcome of Airband.”