Vitruvian goes big on latest fundraise – exclusive

The Europe-focused owner of companies including Trustpilot and Skyscanner raised €2.4bn for its 2017-vintage predecessor.

Vitruvian Partners is plotting a return to market with its fourth flagship fund, Private Equity International has learned.

The London-headquartered mid-market buyout firm is targeting €4 billion for Vitruvian Investment Partnership IV, according to two sources familiar with the fundraise.

Evercore is acting as placement agent, according to one of the sources.

Fund IV was registered as a project with Los Angeles City Ethics Commission in January. Los Angeles City Employees’ Retirement System, Los Angeles Water & Power Employees Retirement Plan and Los Angeles Fire & Police Pension System are listed as “agencies to be lobbied”.

Predecessor Vitruvian Investment Partnership III held its final close on €2.4 billion against a €2 billion target in 2017, according to PEI data. Investors in the fund include Alaska Retirement Management Board, AP Fonden 3 and University of Michigan.

Approximately 50 percent the capital in Fund III was raised from the US, driven by strong commitments from endowments and foundations, with the remaining originating from Europe, Asia and the Middle East, PEI reported at the time.

Vitruvian’s funds target investments of between €25 million and €250 million in European companies of €75 million to €1 billion in value. The firm’s previous funds have backed companies such as Just Eat, Skyscanner and Trustpilot.

Last year, Lexington Partners backed a restructuring on the 2007-vintage, €925 million Vitruvian Investment Partnership, sister title Secondaries Investor reported. The deal involved five assets being moved into a continuation vehicle worth around €955 million in a deal advised by Evercore.

Vitruvian Partners was founded in 2006 by Apax Partners alumni Toby Wyles and Michael Risman, and BC Partners senior partner Ian Riley to invest in asset-light, high-growth companies.

Vitruvian and Evercore declined to comment on fundraising.