European managers are fundraising again, as Inflexion ups target and hits £975mn hard cap
European mid-market private equity firm Inflexion, which has roughly £11bn ($14.4bn) in AUM, has closed Inflexion Enterprise Fund VI at its hard cap of £975mn ($1.3bn), more than double the size of its £400mn ($523.4mn) predecessor fund. The fundraising took just five months to complete.
Inflexion has delivered several successful exits despite the slow M&A market, including Automotive Transformation Group (May 2024), DR&P (July 2024), Goat Agency (March 2023), and Lintbells (July 2024).
Enterprise Fund VI is an Article 8 fund under the Sustainable Finance Disclosure Regulation (SFDR) and was raised mostly from Inflexion’s existing investor base of blue-chip institutions from across the US, Europe, Asia, and the Middle East.
Inflexion said its Enterprise Funds have delivered a return on realized investments of 4.4x gross multiple and 42% gross IRR.
September 9, 2024 (Preqin News) – Inflexion’s enterprise fund is one of 80 buyout funds raised by Europe-based managers to close so far in 2024. The largest is EQT X, which closed at the end of February at €22bn ($24bn), exceeding its €20bn ($22.1bn) target. Of these 80 funds, 77 have Europe as their primary region focus.
This makes it very likely that this year will see more fund closes than 2023, which saw 80 Europe-focused buyout funds by Europe-based managers close at year-end. This was a drop from the 104 and 115 buyout funds that closed in 2022 and 2021, respectively, but more in line with the years preceding that.
There are another 195 buyout funds with a Europe focus currently being raised by European managers, targeting $78.5bn. Comparing this with other private equity strategies, there are 176 Europe-focused growth funds in market from European managers, 182 VC funds, and 170 early-stage funds.
Consultant Roland Berger’s European Private Equity Outlook 2024, its annual survey of the European private equity market, forecast regional variations, with the DACH region to expect the strongest growth, followed by France and the Nordics.
Number and value of buyout funds with a Europe focus, 2014–2024 YTD
Source: Preqin Pro. Data as of September 2024
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