Vitruvian Partners races to €4bn hard cap close for new fund raised entirely during lockdown


Vitruvian Partners has wrapped up a rapid €4bn raise for its fourth flagship fund, taking less than three months to hit its hard cap.

The firm shrugged off any concerns about launching a raise amid the coronavirus pandemic, easily beating the €2.4bn it gathered for Fund III in 2017, and also outdoing both that and its €1.2bn second fundraise combined.

Vitruvian’s latest fund will primarily focus on Europe, supported by its satellite offices in the US and China.

The firm said its oversubscribed raise was partly down to its excellent track record, claiming top-decile performance in each of its three predecessor funds.

More than 50% of the fund was raised from North American LPs, about 30% from Europe and the balance from Asia and the Middle East.

Vitruvian said it plans to continue its long-held strategy of targeting the growth buyout and growth capital phases of investment, in industry segments rich in asset-light businesses such as technology, healthcare, financial services and business services.

Firm managing partner Mike Risman said, “We feel a weight of responsibility in being among a limited number of firms with whom our investors have entrusted their capital at this uncertain time.

“Our firm is conscious that many individuals and organisations have been very negatively impacted by the current situation.

“We hope that the companies we invest in will contribute to the recovery.”

Vitruvian has invested in a number of consumer-centric technology businesses over the years, including Farfetch, Just Eat, Skyscanner, Bitdefender and Transferwise, as well as enterprise-facing large companies such as Snow Software, Voxbone, CallCredit, CRF Health and WalkMe.

New investments made this year include Agora, Azul, Scrive and Standish.

Evercore Private Funds Group, Monument Group and Kirkland & Ellis acted as placement agents for the fundraise.

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