Inflexion closes £100m co-investment fund

The fund charges normal fees but only on capital invested. Unusually, the fund also offers investors an option of 10% carry on a deal-by-deal basis, or 20% on the whole of the fund.

The vehicle had an initial target of £75m. It will co-invest alongside Inflexion's 2010 Buyout Fund, which closed on £375m in October 2010 after four months on the road.

Inflexion has completed three buyouts so far in 2012. It first acquired impulse giftware retailer Natural Products Worldwide (NPW) in February, then bought judicial services business Marston Group from Gresham Private Equity in June. That same month, Inflexion backed the MBO of aviation training services company CTC Aviation. The GP also reaped a 3.1x multiple on the sale of debt management firm Harrington Brooks to RJD.

Investments
The fund will enable Inflexion to capitalise on follow-up investment opportunities in its portfolio companies while maintaining diversity in the main 2010 vehicle.

Inflexion targets mid-market buyouts in UK high-growth companies with an enterprise value in the £10–100m range.

People
Inflexion's 30-strong team is headed by managing partner Simon Turner.

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• Topics
• UK / Ireland
• Buyout
• United Kingdom
• Inflexion Private Equity