Vitruvian Partners, a PE firm focused on investments in middle market companies, has closed its latest buyout fund, Vitruvian Investment Partnership V (VIP V), at €7.3bn ($8.1bn) in total capital commitments, surpassing its initial target of €6.5bn.
According to a press statement, the fund was significantly oversubscribed, and markied a “substantial increase” from its predecessor, VIP IV, which closed at €4bn in 2020.
Law firm Kirkland & Ellis advised Vitruvian on the formation of the fund, which attracted commitments from over 200 global institutions, including sovereign wealth funds, public and corporate pension funds, funds of funds, banks, insurers, endowments, foundations, and private wealth clients. Notable include the $519.9 billion California Public Employees’ Retirement System (CalPERS) and the $344.9 billion California State Teachers’ Retirement System (CalSTRS).
The fund, which is already about 25% invested, focuses on high-growth companies within the middle market.
Headquartered in London, Vitruvian Partners manages approximately €20bn in assets and specialises in growth buyouts and capital transactions. The firm, which operates globally, with offices in Stockholm, Madrid, Miami, Mumbai, and Singapore, targets sectors including information technology, financial services, life sciences, healthcare, and business services.
