Vitruvian Partners has closed its third fund, Vitruvian Investment Partnership III, on its hard cap of €2.4 billion. Around half of the LP support for the vehicle came from the US, with the rest from investors in the EMEA region. Through VIP III, Vitruvian will look to invest in high-growth businesses across Europe, focusing on scaling up companies through bolt-on acquisitions as well as other strategic initiatives. Companies which have been backed previously by Vitruvian include Skyscanner, Just Eat and Farfetch.
This year looks set to reach those record heights as well, with 46 closed European buyout vehicles and just over €36 billion of commitments confirmed as we approach 2017’s halfway point. Nearly half of the capital raised this year, however, is solely down to the mammoth
€16 billion CVC Capital Partners fund.
VIP III itself also represents a big step up for the PE firm, with its close amount topping those of its previous two funds combined. Performance will have to continue though in order to match the older funds’ previous IRRs. Here’s a look at how those previous two flagship vehicles measure up (fund returns data through late 2016):