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Inflexion's co-investment fund closes over £75m

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Fund

Mid-market investor Inflexion Private Equity has closed its Co-investment Fund on just above its target of £75m. The vehicle, which was launched in February, was set up to invest alongside Inflexion's £165m buyout fund, which closed in 2006.

The Co-investment Fund is structured as a 10+2 year traditional UK LP, with terms and conditions described as industry standard. The minimum subscription for the fund was £5m, with Inflexion having made a sizeable contribution. No placing agent was mandated. Ashurst provided legal advice.

Investors

Limited partners of the fund are existing investors, who include pension funds, endowments and fund-of-funds in Europe, the US and Canada. Past investors in the firm's previous funds were Martin Currie, Nordea Pension and London Merchant Securities.

Investments

The vehicle will co-invest in new deals alongside the £165m buyout fund and will continue the strategy of investing in sub-£100m growth buyouts in the UK. The purpose of the fund is to allow Inflexion to buy companies without the use of debt and/or to increase the equity component in its deals. The maximum amount the Co-Investment Fund will invest per transaction is £20m.

Inflexion intends to make five to six investments from this vehicle per year, with the first deal expected to close in the next six weeks. Historically, Inflexion has made equity investments in the range of EUR3m-EUR15m in UK businesses with enterprise values ranging between EUR15m-EUR75m.

People

Simon Turner and Kohn Hartz are the managing partners of Inflexion, supported by a team of 22 investment professionals based in the firm's offices in London and Manchester.

Name: Inflexion Private Equity Co-Investment Fund

Closed on: >£75m

Focus: Co-investments, growth buyouts

Contact: Simon Turner

Address: Inflexion Private Equity

43 Welbeck Street

London W1G 8DX

Tel: +44 20 7487 9888

Fax: +44 20 7487 2774

E-mail: info@inflexion.com

Advisers

Ashurst (Legal).