Lexington Partners is favourite to back a GP-led process on Vitruvian Investment Partnership, a 2007-vintage buyout fund managed by London-headquartered Vitruvian Partners, according to four sources familiar with the matter.
If a deal goes ahead, limited partners in the vehicle will been given the option to roll into a new vehicle or sell their stakes to a secondaries buyer, Secondaries Investor first reported in March.
Lexington Partners has raised $10 billion of the $12 billion it is targeting for its ninth flagship fund, Secondaries Investor revealed yesterday. It has deployed around 25 percent of raised capital so far, the majority via LP stake transactions.
Vitruvian Investment Partnership raised €925 million by final close in 2008, above its target of €900 million, after a little over a year in market, according to PEI data. The fund has around €850 million in net asset value remaining, Secondaries Investor understands.
The fund has several remaining assets including Swedish technology firm Snow Software and UK public relations firm Instinctif, which counts advisor Rede Partners among its clients.
In 2014, portfolio company Just Eat, an online takeaway food platform, was floated on the High Growth Segment of the London Stock Exchange with a valuation of £1.47 billion ($1.93 billion; €1.7 billion).
Vitruvian Partners was founded in 2006 by Apax Partners alumni Toby Wyles and Michael Risman, and BC Partners senior partner Ian Riley to invest in asset-light, high-growth companies. Its most recent fund is Vitruvian Investment Partnership III, which raised €2.4 billion by final close in 2017.
The GP-led part of the secondaries market has grown by 66 percent over the past three years and now accounts for around a third of total volumes, according to research by Campbell Lutyens.
Lexington and Vitruvian declined to comment. Evercore did not respond to a request for comment.