UPDATE 1-Vitruvian raises 1 billion pounds for second fund
By Anjuli Davies
LONDON Dec 5 (Reuters) - Private equity firm Vitruvian Partners has raised 1 billion pounds ($1.63 billion) for its second fund, having reached its target in the first phase of fundraising.
Vitruvian targets investments in Northern Europe of between 25 million pounds and 125 million pounds and past acquisitions have included online takeaway ordering service Just Eat and online gaming and betting platform OpenBet.
Vitruvian's first fund, which raised 925 million euros ($1.25 billion) in 2008 has performed strongly, the firm said, although there have been no exits to date.
While fundraising across the private equity industry has remained challenging as investors have become pickier about the firms they back, those funds with good tracks records have fared well.
Private equity firms usually hold a first close during fundraising, which means they have asked clients to release money they promised so that they can start investing while still looking to increase the size of the fund in a final close.
Vitruvian managed to reach its self-imposed cap within the first six months of fundraising so will no longer continue to seek more money.
The average time a firm spends raising a fund is now 18.4 months, compared with 17.8 months in 2012 and 11.3 months in 2006, data from Preqin shows.
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