Metric Capital to launch €500m fund with Virgin's Branson

Virgin Group founder Branson will be part of a general partnership with MCP's founder and managing partner John Sinik. The fund intends to invest up to €2bn in consumer deals.

Fundraising is likely to officially launch in the coming months, and existing MCP investors are expected to show strong interest to commit capital, according to a source close to the situation.

Branson and the investment team will also target capital from global institutional investors. These are believed to comprise investors such as Canada's CPPIB and Saudi Arabia's PIF.

The GP is yet to decide whether to work with a placement agent in the process.

The fund will be one of three to be launched in the coming years and will look at companies in Europe and the US that Branson believes have high-growth potential. Sector focus will be on luxury goods, leisure, food, beverages, and other consumer-related businesses.

MCP held a final close for its latest buyout vehicle, MCP Private Capital Fund III, in February 2017. The fund has made four investments to date, with assets located in the UK, Spain, the Netherlands and the Cayman Islands.

According to a source, the GP plans on completing two further deals in the coming weeks, which will bring the fund's current deployment level to approximately 60%.

MCP declined to comment.

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• Topics
• Buyout
• UK / Ireland
• Consumer
• Fundraising
• United Kingdom