Richard Branson Moves Into Private Equity
Mogul Richard Branson has successfully moved into private equity and his fund is currently valued at $600 million. He tech giant will be partnering with Metric Capital for his equity fund. Sources reveal that the mogul will be looking at those firms that are consumer facing for his fund. Moreover, it is also being revealed that he will be looking at European and US firms. If things turn out well for Branson and for his fund, it can be guaranteed that his worth and valuation would go sky rocketing. He is already a renowned billionaire and this would provide further fuel to his wealth.
For Branson, this is his first move into private equity. Branson, famously known for the Virgin Group, will be partnering with Metric Capital, a London based firm, for his new fund which will be eyeing firms in the US and Europe and seek stakes in consumer facing businesses such as luxury, leisure and beverages.
The news was first reported by the Financial Times and later confirmed to CNBC as well. The partnership between the two is expected to raise 500 million euros from new institutional investors and will turn its focus and bets on the US and European markets. However, though a source close to the matter confirmed the news, Metric Capital, the partnering firm, declined to make any kind of comment on the situation so far.
Branson is not new to the name Metric Capital and we can know why did he choose to partner with them because sources reveal that Branson has known John Sinick, the founder of the firm, for over 2 decades. He also said that he has been impressed with the growth and development that Metric Capital has shown. Further commenting on the firm, he said that their experience in the ever-changing consumer and digital markets has been quite attractive and therefore, has ventured to help John and the team at Metric Capital with the new fund.
However, Virgin Group has made no statement on the matter so far and neither has Metric Capital.