Vitruvian starts fundraising for VIP V

Wahida Ahmed
14 September 2022

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Vitruvian has started fundraising for Vitruvian Partnership V (VIP V), according to two legal filings.

The UK-based sponsor registered the new vehicle with the Luxembourg Registry in September, subsequently registering a linked feeder vehicle.

The GP has presented the VIP V to three Los Angeles-based LPs, according to a Los Angeles Lobbyist Employer Registration form in March 2022. The form included LPs such as Fire and Police Pensions (LAFPP), LA City Employees' Retirement System (LACERS), and an existing LP in the predecessor vehicle, Water & Power (DWP).

Vitruvian did not respond to a request for comments.

Vitruvian held its final close for its predecessor fund Vitruvian Investment Partnership IV (VIP IV) in July 2020 on its hard-cap of EUR 4bn, surpassing its target of EUR 3.75bn. While it has a sector-agnostic approach to deals, the sponsor typically invests in technology, e-commerce, and healthcare businesses across Europe.

VIP IV received commitments from LPs including Ventures Employees Retirement System, Adam Street Partners, and Oregon Investment Council, among others, as well as Los Angeles City Employees Retirement System (LACERS) which also invested in VIP V.

Companies in VIP IV's portfolio are companies including Carne Group, an Ireland-based fund management services business; Civitatis, a Spanish travel agency; and Germany-based Moonfare, a financial technology platform for high net worth individuals and retail investors to access private equity and venture capital funds. Recent exits by the GP include International Financial Group, life insurance provider, sold to Cinven in February 2022.

As reported by Mergermarket, Vitruvian-backed businesses currently in an acquisitive mode include Civitatis, a Spanish online platform that connects travellers with tour guides and activities, and UK-based Sykes Holiday Cottages, a cottage rental agency, which acquired UKcaravans4hire, a static caravan rental platform, in June 2022.