Inflexion raises £2.25bn in double fundraise

The buyout fund closed on £1.25bn and the partnership fund closed on £1bn, with the combined total more than double that raised by their predecessors. Inflexion Buyout Fund IV and Partnership Capital Fund I closed on £650m and £400m respectively in October 2014.

Both new vehicles were raised in just four months and closed on their hard-caps. It is understood that first closes were held six weeks after their launch.

The GP has also announced the launch of Inflexion Foundation, which will receive 1% of the vehicles' profits and make charitable donations. The foundation supports organisations providing opportunities for disadvantaged young people.

It is understood that the GP is the first in the UK to formally allocate a percentage of its profits to charitable causes via a foundation. To date, Inflexion has made donations to The Prince's Trust, The Roundhouse, Impetus-PEF and The British Exploring Society.

Aztec Financial Services provided fund advisory services to Inflexion, according to Unquote Data, while the GP did not use a placement agent.

Investors
The new funds received commitments from new and existing investors. It is understood that there was a high re-up rate, with some LPs having continually backed the GP since its maiden fund.

Unquote understands that state pension funds account for 28% of the total amount committed, funds-of-funds account for 19%, insurance companies 16%, endowments 11%, sovereign wealth funds 11%, corporate pension funds 10%, family offices 4% and banks 1%.

It is also understood that 46% of LPs are US-based, 25% are based in continental Europe (excluding Scandinavia), 11% in Asia, 8% in the UK, 7% in Scandinavia and 4% in Australia.

According to Unquote Data, Illinois Municipal Retirement Fund and New York State Teachers' Retirement System are among the investors.

Investments
The new funds will enable the GP to write equity cheques in the £10-200m range. They will have the same generalist mandate as their predecessors, backing companies looking to implement digital enhancement, international expansion and acquisitive strategies, as well as those requiring operational and commercial improvements.

It is understood that the GP's recent investment in Chambers and Partners – a UK-based legal research, data and publishing company – was the first deal made with capital drawn from the vehicles.

People
Inflexion Private Equity – John Hartz, Simon Turner (managing partners).

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• Inflexion Private Equity
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