Triton Partners Raises €5.5 Billion for Delayed Flagship Fund

(Bloomberg) — Triton Partners has raised 5.5 billion euros ($6.3 billion) for its new flagship fund, people familiar with the matter said, a major milestone after the European buyout firm’s ability to attract fresh money was clouded by work culture controversies and a difficult fundraising environment.

The European firm’s sixth middle market fund is around 10% larger than its previous €5 billion fund, which closed in December 2018. The buying group closed T6 at target size in January, sources said. It began 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, sources said. They also said a hotline has been established for employees and communication with investors has increased to help increase transparency.

Once investors were satisfied with corporate governance at Triton, they conducted additional due diligence and allocated capital to T6, said the sources, who asked not to be named discussing confidential information.

A representative for Triton declined to comment.

Triton was founded in 1997 and is led by Chief Executive Officer Peder Prahl. The latest fundraising comes at a time when investors are becoming more selective about which private equity firms they allocate capital to due to a decline in sector returns.

Triton, which invests in industrial technology, business services and healthcare, has already deployed approximately 900 million euros of capital from T6. Acquisitions include Bosch engraver Keenfinity Group and cargo carrier MacGregor.

Sources familiar with the matter said Triton has made distributions to investors amounting to approximately 30% of its net asset value in the last two years.

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