Triton returns with Fund V – exclusive

The turnaround specialist is expected to seek at least €3bn for the vehicle.

Triton Partners is in the early stages of raising its fifth flagship vehicle, Private Equity International has learned.

The London-headquartered turnaround specialist is expected to seek at least €3 billion, according to two sources with knowledge of the vehicle. Its predecessor closed above its €3 billion target on €3.5 billion in May 2013, according to PEI data.

Triton declined to comment.

Fund IV included commitments from Sweden’s AP Fonden 6, Canada Pension Plan Investment Board and Greater Manchester Pension Fund, according to PEI data.

Triton exceeded the initial fundraising target for its debut mid-market fund in February, collecting €353 million on its way to a €400 million hard-cap, PEI reported at the time. In 2015 the manager launched the Triton Value Fund, an open-ended vehicle that takes minority positions in publicly-listed companies.

Triton has completed 50 investments since 1997, according to its website. Its private equity portfolio comprises 36 companies across locations including Denmark, Finland and the UK.