Vitruvian Partners, a UK-based middle-market private equity firm, has closed its oversubscribed third fund at a hard cap of 2.4 billion euros. The limited partners of Vitruvian Investment Partnership III included public and corporate pension plans and family offices. Vitruvian invests in high growth European companies. Monument Group Inc, Park Hill Group LLC and Kirkland & Ellis International LLP advised Vitruvian on the fund.
Vitruvian Partners (“Vitruvian”), today announces the closing of its third fund, Vitruvian Investment Partnership III (“VIP III”), at the hard cap of €2.4 billion.
VIP III, which will be among the largest pools of capital in Europe supporting higher growth companies, was significantly oversubscribed as a result of the outstanding performance of the entrepreneurial management teams that Vitruvian has backed in its VIP I and VIP II funds.
The fund, which received strong support from both existing and new investors, was raised from more than 100 leading institutions globally, with approximately 50% of the fund being raised from the US and 50% from Europe, Asia and the Middle East. Like its two predecessor funds, VIP III was strongly supported by US endowments and foundations.
The fundraise also attracted increased levels of capital from public and corporate pension plans globally. Family offices investing independently and also on the recommendation of leading consultants represented an enlarged constituency for the fund. Notably VIP III also received significantly increased support from investors in Germany, Japan and the Nordic region.
The new fund will allow Vitruvian to continue to invest in some of the most innovative, high growth companies in Europe. Such investments to date include global market leaders in their field such as Just Eat, FarFetch, Skyscanner, Snow Software, CRF Health, Trustpilot, Voxbone, Callcredit, Ebury, Verastar and others. Vitruvian has backed 30 companies in its first two funds.
Vitruvian aims to help growing companies scale their operations using a combination of its multi- disciplinary operational support system and its proactive assistance with strategic initiatives, including acquisitions.
Vitruvian’s VIP III fund is substantially larger than its previous funds and has been enhanced by a number of new fund features that allow Vitruvian to pursue its thematic approach with innovative investment strategies and structures.
Vitruvian has recently established a market presence in France and an office in San Francisco to add to its existing locations in London, Munich, the Benelux region and Stockholm.
Mike Risman, Managing Partner and a Founder of Vitruvian, commented:
“We would like to thank our partners – the outstanding entrepreneurs and management teams in our first two funds – whose vision and execution have delivered the strong returns which made this third fundraising possible. Similarly, we would like to express our gratitude to our investors for their continued support.”
Vitruvian was advised on its third fundraising by Monument Group Inc, Park Hill Group LLC and Kirkland & Ellis International LLP.