Triton hits €5bn cap for fifth fund

The fund was registered in Luxembourg in March 2018 as The Triton Fund V and has already made two investments backing the acquisitions of SKF Motion Technologies and Sunweb Group. 

No placement agent was appointed for the fundraise. Law firm Simpson Thacher & Bartlett provided fund formation advice.

The vehicle's predecessor, Triton Fund IV, held a final close on €3.3bn in 2013. It reported a net IRR of 13.5% in December 2017, according to Unquote Data.

The GP closed its lower-mid-market offering, Triton Smaller Mid-Cap Fund, on €448m in July 2018. 

For a more in-depth look at Triton's strategy, see Unquote's GP profile of Triton based on an interview with founding partner Peder Prahl.

Investors
Triton V received commitments from both new and existing investors, including pension funds, insurance companies and sovereign wealth funds. It is understood that some of Triton's existing investors increased their commitments to Fund V.

The vehicle attracted some sizable commitments from US-based public pension funds, including Los Angeles County Employees Retirement Association, Teacher Retirement System of Texas, and Washington State Investment Board, according to Unquote Data.

Investments
The new vehicle will follow the same strategy as its predecessors, focusing on mid-market buyout opportunities across the Nordic region, DACH, Italy, France, Spain, the UK and Benelux. It will target companies in the industrial, business services, consumer and healthcare sectors.

People
Triton Partners – Peder Prahl (founding partner).

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