Inflexion Private Equity has successfully closed a co-investment fund. The fund, which had a hard cap of £75m, was oversubscribed and enjoyed renewed support from existing investors.
The fund will co-invest in new deals alongside the £165m 2006 Inflexion Buyout Fund and will continue its strategy to invest in UK sub £100m growth buyouts. The extra firepower will enable UK mid-market investor Inflexion to offer vendor completion certainty by potentially buying without debt or increasing the equity component of deals.
Inflexion has realised three investments in the past 12 months including most recently the sale of Viking Moorings which made a 12x return and the buyout of healthcare company ICS. Inflexion has also continued to develop its existing portfolio companies with numerous add-on acquisitions whilst strengthening its own investment team with a number of high profile hires.
Simon Turner, managing partner at Inflexion, said: “We are extremely pleased to have completed the fund ahead of our original hard cap, especially in times of such uncertainty. Our LP relationships are valued extremely highly and this round of fundraising demonstrates the ongoing support of our existing relationships, together with the proven success of our commitment to the UK smaller mid market. ”
The fund, which was launched in March, caps a busy summer for the London-based firm. In July it completed two exits, selling the Iberian division of Healthcare Knowledge International to UBM Limited (UBM), and divesting Viking Mooring, a company operating in the offshore oil and gas industry, to HSBC Private Equity.