London-based private equity firm Vitruvian Partners has announced the close of its third fund, Vitruvian Investment Partnership III (“VIP III”), at the hard cap of 2.4 billion euros ($2.74 billion).
VIP III received support from over 100 institutions comprised of both existing and new investors and heavily backed by U.S. endowments and foundations. Vitruvian noted increased levels of capital from public and corporate pensions around the world and investors in Germany, Japan and the Nordic region. Approximately half of the capital raise came from LPs in the U.S., while the remaining was from investors in Europe, Asia and the Middle East.
The firm which invests in a broad range of sectors including tech-focused and SaaS companies, collected 1 billion euros ($1.2 billion) for its previous fund in 2013. Vitruvian will use the new fund to target high-growth companies in the European market. With its first two funds, the private equity group invested in 30 companies including Just Eat, FarFetch, Snow Software, CRF Health, Trustpilot, Voxbone and Skyscanner. Vitruvian leverages a multi-disciplinary operational support system and offers proactive assistance with strategic initiatives including acquisitions so to help its portfolio companies scale their operations.
The private equity firm focuses on leveraged buyout and growth capital investments in middle-market companies with engagements throughout the UK, Ireland, the Nordic region, Germany, Austria, Switzerland, France and the Benelux regions. Vitruvian recently added an office in San Francisco alongside existing locations in London, Munich the Benelux region and Stockholm.
Founded in 2006 by former partners of Apax Partners, BC Partners and Bridgepoint Capital, Vitruvian says VIP III was “significantly oversubscribed as a result of outstanding performance of the entrepreneurial management teams that Vitruvian has backed in its VIP I and VIP II funds.”