Vitruvian smashes target for fourth fund

The London-based mid-market firm gathered €4bn in less than three months for its largest vehicle yet.

Vitruvian Partners has held a final close on its fourth fund less than three months after launching the vehicle.

The London-headquartered mid-market firm raised €4 billion for Vitruvian Investment Partnership IV, beating its €3.75 billion target. The fund closed on its hard-cap and was oversubscribed, according to a statement.

More than 120 investors backed Fund IV, with more than half of the fund raised from North American institutions. European investors committed around 30 percent of the fund and the remaining capital came from Asian and Middle-Eastern LPs.

LPs in the fund include Tennessee Consolidated Retirement System, which committed €140 million, and El Paso Firemen & Policemen’s Pension Fund, which invested $11 million, according to PEI data.

Sovereign wealth funds, public and corporate pension funds, funds of funds, banks, insurers and endowments backed the vehicle, according to the statement.

Fund IV is 67 percent larger than its €2.4 billion predecessor. It will follow the same strategy as previous vehicles, backing growth buyout and growth capital phases of investment in sectors such as technology, healthcare, financial services and business services.

PEI reported in February that Vitruvian was back on the fundraising trail with Fund IV.

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