(Bloomberg) — Triton Partners has raised €5.5 billion ($6.3 billion) for its new flagship fund, people familiar with the matter said, an important milestone after the European buyout firm’s ability to attract fresh money was marred by work culture controversies and a difficult fundraising environment.
The European firm’s sixth mid-market fund is about 10% larger than its €5 billion predecessor, which closed in December 2018. The buyout group closed T6 at the target size in January, the people said. It started raising the fund in the summer of 2023.
The following year, Germany’s Handelsblatt reported allegations of inappropriate behavior by some Triton executives.
The firm responded by hiring a consultant to review its workplace culture, according to the people. It also set up a hotline for employees and increased communication with investors to help improve transparency, they said.
Investors conducted additional due diligence and committed capital to T6 once they were satisfied with corporate governance at Triton, the people said, asking not to be identified discussing confidential information.
A representative for Triton declined to comment.
Triton was founded in 1997 and is led by Chief Executive Officer Peder Prahl. Its latest fundraising came at a time when investors started becoming pickier about which private equity firms they’re allocating capital to amid a downturn in industry returns.
Triton, which invests across industrial technology, business services and health care, has already deployed about €900 million of capital from T6. Acquisitions have included Bosch carveout Keenfinity Group and cargo handler MacGregor.
Triton has made distributions to investors equivalent to around 30% of its net asset value over the last two years, people familiar with the matter said.
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