Charterhouse X holds final close on €2.3bn

The fund, which is Charterhouse's 10th, was launched in January 2015 and held a first close in September the same year on €1.5bn. The fund's hard-cap had originally been placed at €3.5bn.

Charterhouse X was preceded by Charterhouse IX, a €4bn vehicle that closed shy of its €6bn hard-cap in March 2009, according to unquote" data. According to the same source, the vehicle has returned all committed capital to investors, and had generated a 1.9x multiple on capital committed with an IRR of 30% as of June 2015. 

Charterhouse IX's first eight exits delivered an average return in excess of 3x money for investors. They notably include Card Factory with a 5.25x multiple and 47% IRR (March 2015) and Wood Mackenzie with a 3.4x multiple and 40% IRR (July 2012).

Investors
According to a source familiar with the matter, Charterhouse X attracted commitments from investors around the world, including public and private pension funds, and sovereign wealth funds. A significant portion of commitments came from existing long-term LPs. Previous investors include 21st Century Group, Adams Street Partners, Key Capital, La Caixa Pension Fund, Blackstone Group, Lexington Partners UK, DB Private Equity, Northleaf Capital Partners, Partner Group and Swift Capital Partners.

Investments
Charterhouse X will follow the same strategy as the GP's previous vehicles, investing mostly 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, in addition to some deals in the rest of Europe. Investments are typically included within the €300m-4bn size bracket.

People
Charterhouse Capital Partners - Lionel Giacomotto (managing partner); Gordon Bonnyman (chair GPs board).

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