Vitruvian closes third fund on €2.4bn hard-cap

Kenny Wastell
30 June 2017

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Vitruvian Partners has held a first and final close for its third fund, Vitruvian Investment Partnership III (VIP III), on its hard-cap of тЌ2.4bn.

The total is considerably higher than the sum raised for its sterling-denominated predecessor, which reached a first and final close on £1bn in 2013 against an £800m target.

According to a statement issued by the GP, the fund was oversubscribed.

Documents for the vehicle were registered with Companies House in August 2016, though a spokesperson for the firm told unquote" that a private placement memorandum for the fund was issued in May 2017.

Vitruvian recently opened new offices in France and California, in addition to its existing offices in the UK, Germany, Sweden and Luxembourg.

Monument Group and Park Hill acted as placement agents for the fundraising, while Kirkland & Ellis provided legal advice.

Vitruvian recently featured in the unquote" In Profile series, which takes an in-depth look at GPs investing in the European mid-market.

Investors
VIP III raised commitments from more than 100 institutional investors, with around half hailing from the US, and the other half from Europe, Asia and the Middle East. The vehicle attracted increased commitments from German, Japanese and Nordic investors, according to the aforementioned statement, with LPs including public and corporate pension plans and family offices.

Investments
The vehicle will make roughly 20 investments in companies with enterprise values of €50-500m, the spokesperson told unquote". The vehicle will typically write equity cheques of €25-200m.

Vitruvian is sector agnostic – though it makes many deals in the technology, healthcare and e-commerce spaces – and targets investments across Europe. According to the aforementioned statement, the new fund will also consider supporting acquisitive growth strategies.

Vitruvian's activity throughout 2016 included the purchase of a minority stake and subsequent sale of Skyscanner to Chinese trade buyer Ctrip.com International; the sale of Group IMD to Inflexion; the sale of Inspired Gaming Group to listed US holding company Hydra Industries Acquisition Corp; the sale of OpenBet to trade buyer William Hill; and the acquisition of a majority stake in Unifaun Group. Since the start of 2017, it has backed the management buyout of insurance broker CFC, acquired aviation information and intelligence business OAG from Epiris portfolio company Axio for $215m, and led a €58m ($62m) series-E round for luxury second-hand online market Vestiaire Collective.

People
Vitruvian Partners – Mike Risman (managing partner, founder).