Inflexion gears up for third Partnership Capital fund

Inflexion declined to comment.

The GP held a final close for its second Partnership Capital Fund in May 2018 on GBP 1bn, surpassing its GBP 700m target three months after the registration of the fund. The firm’s debut vehicle in the strategy held a final close in October 2014 on GBP 400m.

Inflexion’s Partnership Capital strategy deploys equity tickets of GBP 10m-GBP 400m, acquiring minority stakes in UK-based businesses. It aims to partner with businesses, assisting with growth plans including international expansion, acquisitions and digital transformation.

Investments from Partnership Capital II include the GP’s reinvestment in risk management business Alcumus; the GP announced its acquisition of a minority stake in the company three months after its sale to Apax Partners. 

LPs in Partnership Capital II include asset managers such as Warburg Invest and BMO Global Asset Management, as well as a range of European and US pension funds and insurance companies, according to Unquote Data.

David Whileman, partner and head of Partnership Capital at Inflexion, discussed the Partnership Capital funds with Unquote in 2021, in the context of minority and differentiated strategies.

Inflexion’s recent exits from its Partnership Capital strategy include veterinary clinic chain Medivet, which was sold to CVC in September 2021 via a GBP 1.4bn deal that netted returns of more than 3x money for Inflexion. Also in 2021, the GP sold its stake in timber and building materials distributor Huws Grey to Blackstone.

In addition to its Partnership Capital funds, Inflexion manages its flagship Buyout strategy, as well as its lower mid-market Expansion strategy. Inflexion Buyout Fund VI held a final close in March 2022 on GBP 2.5bn, while Inflexion Enterprise Fund V held a final close in 2019 on GBP 400m.

According to a press release issued at the time of Inflexion’s USD 100m sale of medical data and analytics provider Pharmaspectra earlier this month, the GP has made nine exits across its strategies to date in 2022, with a combined valuation of GBP 2.5bn.

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