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€1 billion investment programme May 2006


Vision Capital has announced today a substantial increase in its investment capacity from its leading international investor base, building on its leadership in the European market for direct buyout portfolio transactions.

The new programme comprises a €350 million committed core fund, Vision Capital Partners VI L.P., which is expandable through a series of parallel investment vehicles that offer flexible additional capacity with an anticipated final programme size of €1 billion. This structure will allow the efficient execution of transactions of greatly varying size and diversification (from €20 million to in excess of €500 million of equity), reflecting the differing numbers and sizes of companies in the private equity portfolios targeted.

Leading international institutions have committed to the programme, which was significantly oversubscribed.  Long standing partners, of which the Private Equity Group of Goldman Sachs Asset Management remains the largest, have substantially increased their support, and approximately 20% of the fund has been provided by new investors.  

Vision Capital pioneered the concept of acquiring direct buyout portfolios from private equity firms and their investors.  Its increased funding capacity will allow the firm to capitalise on increasing deal flow and market demand.  Allowing for a broader range of transactions, and greater flexibility with certainty,  it also responds directly to the requirements of private equity vendors.

Direct portfolio transactions offer private equity and other investors the opportunity to realise significant value from all or part of their non-core investment portfolios in an efficient, timely, flexible and comprehensive way, as compared with individual disposals.  Vision Capital has established its leadership in this market with three direct portfolio acquisitions from Deutsche Bank, Credit Suisse and Legal & General, committing  €375 million of equity in the last three years

Julian Mash, Chief Executive of Vision Capital, said: 

“This is a significant milestone for Vision Capital, providing us with additional firepower to deliver high quality realisations for our private equity counterparties, with enhanced delivery and no loss of flexibility.  It anticipates increased investment volume during the next phase of our development.  We highly value the increased support of our existing investors and welcome our new investors to the programme.”

Vision Capital is a limited liability partnership | Registered in England number: OC336240 | Authorised and regulated by the Financial Conduct Authority