Inflexion closes £1bn double-fundraise

The GP is also currently raising a vehicle entitled Inflexion Strategic Capital Fund, according to publicly available documents. One of the documents states that LPs in Strategic Capital Fund will receive a share of "all carried interest, fee profits and co-investment assets across all Inflexion funds", while a source also told Unquote that the GP is selling a 26% stake in itself.

However, another industry source told Unquote that Inflexion was categorically not selling a minority stake in itself and that Strategic Capital Fund is a vehicle that comprises secondary assets across a range of the GP's funds. Inflexion declined to comment on the vehicle.

New York State Teachers' Retirement System (NYSTRS) has committed £75m to Strategic Capital Fund and Illinois Municipal Retirement Fund (IMRF) has committed £150m, according to the documents.

Inflexion Enterprise Fund V and Inflexion Supplemental Fund V have substantially surpassed the £250m raised by each of their predecessors.

As is the case for Inflexion's latest flagship vehicles, the funds will distribute 1% of their profits to the Inflexion Foundation, which supports organisations providing opportunities for disadvantaged young people.

Inflexion did not use a placement agent for the raising of Enterprise Fund V or Supplemental Fund V.

Investors
Enterprise Fund V and Supplemental Fund V received commitments exclusively from existing LPs across Europe, the US and Asia. Unquote understands that investors from the US account for around 55% of commitments, the UK for around 10%, Asia for around 10% and Scandinavia for around 10%. The remainder is understood to be accounted for by investors from elsewhere in continental Europe.

Unquote understands that state pension funds accounted for around 30% of commitments, funds-of-funds 20%, insurance companies 15%, sovereign wealth funds 15% and endowments 10%. The remainder is understood to be accounted for by family offices and corporate pension funds.

NYSTRS has committed up to £23.1m to Enterprise Fund V and up to £50m to Supplemental Fund V, according to the documents, while IMRF has also made commitments to both vehicles.

Investments
Enterprise Fund V will make both minority and majority investments of £10-35m in UK lower-mid-market companies. It will have a sector-agnostic approach.

Supplemental Fund V will primarily invest alongside £1.25bn vehicle Inflexion Buyout Fund V and £1bn vehicle Inflexion Partnership Capital Fund II, which both reached a final close in May 2018. The fund will enable the two vehicles to make larger investments.

People
Inflexion Private Equity – Simon Turner (managing partner).

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