Vitruvian Partners closed its Vitruvian Investment Partnership V at €7.3 billion ($8.1 billion) in total commitments, surpassing a €6.5 billion target.
The fund was significantly oversubscribed, a news release provided by a spokesperson said, and also represents a “substantial increase” on its predecessor fund, VIP IV. That fund closed at €4 billion in 2020, according to a news release by law firm Kirkland & Ellis, which advised the private equity firm.
VIP V had commitments from more than 200 institutions across the globe at sovereign wealth funds, public and corporate pension funds, fund of funds, banks, insurers, endowments and foundations, and private wealth clients. The fund is about 25% invested and focuses on higher-growth companies in the middle market.
“With VIP V we look forward to continuing to invest in higher-growth buyouts and outstanding management teams as they pursue their ambitious international growth plans,” Mike Risman, managing partner at Vitruvian, said in the release.
Vitruvian has about €20 billion in assets under management and is an independent private equity firm headquartered in London. It also has offices across the globe, including in Stockholm, Madrid, Miami, Mumbai and Singapore. The firm focuses on growth buyouts and growth capital transactions, with a so-called dynamic situations investment strategy that operates in the information technology, financial services, life sciences and healthcare, and business services sectors.
Investors in the fund include the $519.9 billion California Public Employees’ Retirement System, Sacramento, and the $344.9 billion California State Teachers' Retirement System, West Sacramento.