Vitruvian raises €2.4bn for oversubscribed third fund

The fund is more than double the size of its 2013 predecessor.

Vitruvian Partners, the European mid-market private equity firm, has held a first and final close for its third fund, Vitruvian Investment Partnership III, on its €2.4 billion hard-cap.

The six-week fundraise attracted investment from more than 100 existing and new investors globally. Approximately 50 percent of the funds were raised from the US, driven by strong support from endowments and foundations, with the remaining commitments originating from Europe, Asia and the Middle East.

VIP III reported significantly increased support from investors in Germany, Japan and the Nordic region. It raised a greater level of capital from public and corporate pension plans globally than its predecessors, while family offices also represented a larger proportion than in previous years, the firm said.

The fund dwarfs Vitruvian’s previous two funds, VIP I and II, which stood at €925 million and £1 billion ($1.3 billion; €1.1 billion) respectively. VIP I, a 2007-vintage fund with commitments from Bank of Scotland and the University of Michigan, has been partially liquidated. The firm is currently investing its 2013-vintage VIP II across Western Europe, according to PEI data.

VIP III will target European mid-market companies with values of around €50 million to €500 million. The firm’s previous funds have backed 30 companies, including Just Eat, Skyscanner and Trustpilot.

Vitruvian was advised by Monument Group, Park Hill Group and Kirkland & Ellis.

The firm has established “a market presence” in France and a new office in San Francisco, which join existing locations in London, Munich and the Benelux region, as well in Stockholm. It manages assets of approximately $6 billion.