Charterhouse X holds €1.5bn first close

The GP published a private placement memorandum for the vehicle and began fundraising in January with a €3bn target, having raised €1bn by the time of an interim closing in May. Charterhouse X's hard-cap stands at €3.5bn.

Charterhouse's new fund follows Charterhouse IX, a €4bn fund that closed shy of its €6bn hard-cap in March 2009. According to unquote" sources, the vehicle has returned all committed capital to investors and is valued at 1.9x multiple on capital with an IRR of 30% as of June 2015.

Fund X's predecessor is not fully divested, but has returned more than 3x money on its initial five exits, which include Wood Mackenzie and Bureau Van Dijk.

Charterhouse declined to comment.

Investors
LPs in Charterhouse X have not been disclosed, but investors in Charterhouse IX include the Massachusetts Pension Reserves Investment Management Board, the Washington State Investment Board and San Francisco Employees' Retirement System.

Investments
Charterhouse X will follow the same strategy as the GP's previous vehicles, investing in industrial and commercial businesses in western Europe.

The GP's funds have historically had a special focus on companies in the UK and France, making investments in the €300m-4bn size bracket.

People
Lionel Giacomotto is the managing partner of Charterhouse and Gordon Bonnyman chairs the GP's board.

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• Topics
• UK / Ireland
• Buyout
• Charterhouse Capital Partners