US pension fund backs new Inflexion Enterprise fund

The LP has approved of £70m in aggregate to Inflexion Enterprise Fund V and Inflexion Supplemental Fund V, and £150m to Inflexion Strategic Partners, according to documents from the March board of trustees meeting.

Inflexion closed two of the funds' predecessors, Inflexion Enterprise Fund IV and Inflexion Supplemental Fund IV, on £250m in 2016. Both funds were lower-mid-market focused, and raised within eight weeks without the support of a placement agent.

The new vehicles were registered in Guernsey in February 2019.

Inflexion Enterprise Fund IV focuses on the UK lower-mid-market, investing equity of between £10-20m for both majority and minority stakes. European Investment Fund (EIF), Florida State Board of Administration, and New York State Teachers' Retirement System were among the LPs that backed the fund.

Inflexion Supplemental Fund IV invests alongside Inflexion Buyout Fund IV and Inflexion Partnership Capital Fund I. The vehicle enables the GP to co-invest alongside the larger buyout and partnership funds. Some of the investors that have previously committed to Inflexion Supplemental Fund IV are Valtion Eläkerahasto - VER, Argentum Fondsinvesteringer, Maine Public Employees Retirement System and MacArthur Foundation.

IMRF, a $38.4bn LP, has previously committed to other funds managed by Inflexion Private Equity, including Inflexion Partnership Capital Fund II and Inflexion Partnership Capital Fund I.

The US pension fund has also committed $100m to Lightspeed Global Opportunity Fund, according to the meeting documents.

Other recent commitments include Abry Partners IX, ECI 11, and Vista Equity Partners Fund VII.

IMRF has invested 4.7% of its portfolio to alternatives, versus a target allocation of 7%.

It has generated 17.3% year-to-date returns from its alternatives portfolio as of December 2018, beating its 9% benchmark.

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• Topics
• Funds
• LPs
• Buyout
• Inflexion Private Equity
• United Kingdom