Vision Capital closes fund

Direct secondaries specialist Vision Capital has raised €680m for its seventh fund after almost a year on the road.

Vision Capital Partners (VCP) VII was launched in March 2008 and has attracted investment from Goldman Sachs Asset Management, HarbourVest, CV Starr and GIC Special Investments.

The fund received backing from 90% of its previous investors, and over 40% of the money raised is from new sources. Geographically, 48% has come from North America, 40% from Europe, and 12% from Asia and the Middle East.

The amount raised is almost double that of it predecessor, which closed in May 2006 on €350m. The new vehicle will continue the strategy of acquiring non-core assets, mainly in whole portfolios, primarily from private equity houses, but also financial institutions and corporates.

Vision chief executive Julian Mash said: “In the current climate, we are very pleased to announce a significant increase in our fund size, with 90% of our existing investors continuing their support and being able to begin new partnerships with other leading investors from around the world. With so much economic and financial uncertainty, we look forward with confidence to helping vendors achieve strategic change by providing certainty, liquidity and efficient realisations of their non-core assets in a single transaction.”

Current notable residents in the Vision Capital portfolio include UK drinks retailer First Quench Retailing, which owns the Threshers chain. The firm’s last exit came in February last year when VCP VI sold Masstock Arable, a UK agricultural services company.