London-based mid-market private equity firm Vitruvian Partners, a firm set up in 2006 by former partners of Apax Partners, BC Partners and Bridgepoint, has raised €925m for its first fund, the Vitruvian Investment Partnership. The Vitruvian Investment Partnership had an original target of €900m.
The firm will focus on mid-market buy-outs, growth buy-outs and growth capital investments. It will make investments of €15-150m in sectors including IT, media, financial services, leisure and business services across the UK, Ireland, Germany, Austria, Switzerland, the Nordic region and Benelux.
The new fund’s first investment, the buy-out of UK internet search marketing agency Latitude Group, was announced in December 2007.
Investors in the new vehicle came from North America, Europe, Asia and Australia.
Vitruvian managing partner Toby Wyles said, ‘We came together to form an old-fashioned partnership of senior investment professionals investing in the types and sizes of deals that some of our former firms excelled at, but have now left behind. We are not setting out to build an institution; we just want to invest in and build great businesses.’
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