Triton Partners has held a final close on its fifth Europe-focused vehicle on its €5 billion hard-cap in December.
The London-headquartered firm had an initial target €4 billion for Triton V, about a third larger than the €3.5 billion raised for its 2013-vintage predecessor vehicle.
Triton had significantly more demand from existing and new investors than the fund’s target and hard-cap, a source with knowledge of the fundraise told Private Equity International.
Fund V attracted more investors by number from Asia-Pacific than the previous vehicle, which had about 18 percent of the investor base by number from the region. European investors made up roughly a third of the investor base, while North American LP numbers saw a slight decrease this time, the source noted.
Investors in the fund include pension funds, sovereign wealth funds and insurers from Europe, North America and Asia. The California Public Employees’ Retirement System and Washington State Investment Board committed €250 million each to the fund, and the Los Angeles County Employees’ Retirement Association and Teacher Retirement System of Texas committed €150 million and €125 million, respectively, according to PEI data.
Triton’s investment focus remains unchanged, backing mid-sized businesses in the Nordics, Germany, Austria, Switzerland, Spain, Italy, France and Benelux. It has also been increasingly sector focused over the years, mainly in consumer, health, business services and industrials, and less driven from a geographical perspective.
Triton has already competed two investments from Triton V, the acquisition of SKF Motion Technologies and Sunweb Group.
Triton IV delivered 1.6x gross multiple and 12 percent net internal rate of return, and Triton III generated 2.3x gross multiple and 13 percent net IRR.
Triton in July last year raised €448 million against a €350 million target for its debut Smaller Mid-Cap Fund.