Billionaire investor and Virgin Group boss Richard Branson announced he will partner with Metric Capital to create a private equity fund. The fund will seek stakes in firms with consumer-facing businesses and focus on US and European firms.
The billionaire entrepreneur Richard Branson will take the first steps into the world of private equity. He will partner with London-based Metric Capital in managing a new fund, and focus on firms active in the sector such as food and beverage, luxury, and leisure.
According to the Financial Times, the partnership will seek to raise EUR 500 million from institutional investors and will mainly look to buy stakes in firms in Europe and the United States.
“I have been impressed by the development and growth of Metric Capital,” Branson said in a statement for CNBC by the Virgin Group.
“Their experience in the rapidly changing consumer and digital markets is particularly attractive and I look forward to helping John and his team with this new fund.”
According to CNBC, the fund, believed to be the first of three to be launched in the coming years, will target 20 percent returns and will donate 10 percent of profits to women’s and children’s charities.