Vitruvian eyes £800m for Fund II

The European mid-market firm founded by former Apax and BC Partners professionals is planning to raise a similar amount as it did for Fund I.

Vitruvian Partners, a European growth buyout firm, is targeting £800 million (€944 million, $1.2 billion) for its second fund, according to several sources familiar with the matter. 

The firm recently started talking to its existing LPs, is putting the final touches on a private placement memorandum, a source told Private Equity International

Vitruvian declined to comment. Park Hill Group, which is marketing the fund, also declined to comment.

The fund target will be similar to the firm’s previous fund, a €925 million, 2007-vintage that is approximately 90 percent deployed following its investment in Inenco Group in July. It was unclear at press time why the firm has made the decision to raise its second fund in a different currency. 

Raised by Monument Group, Fund I's LPs included: AlpInvest Partners, AP Fonden 3, Harvard Management Company, New York City Employees' Retirement System, New York City Fire Department Pension Fund, New York City Police Pension Fund, Teachers' Retirement System of the City of New York, University of Michigan and Worcester Retirement System, according to PEI’s Research & Analytics team. 

Vitruvian was established in 2006 by Ian Riley, Michael Risman and Toby Wyles. Prior to Vitruvian, Riley worked at BC Partners for 8 years, where he was a senior partner. Risman and Wyles both joined from Apax Partners. Risman, who was global equity partner and head of Apax’s information technology investment team in Europe, spent 10 years at the firm, while Wyles, who was a global equity partner and co-head of Apax’s European leveraged transactions group, spent 13 years at the firm, according to Vitruvian’s website. 

Vitruvian specialises in mid-market buyouts and growth capital investments in the UK and Northern Europe, typically targeting companies with an enterprise value of €50 million to €500 million. 

While Vitruvian is not bound by specific sectors, it tends to invest mostly in faster moving, less capital intensive industries such as media, IT, telecoms, financial services, business services, healthcare and leisure, according to the firm’s website.