UK billionaire and founder of the Virgin Group, Richard Branson is moving into the private equity space after announcing that he’s become a partner at a new fund managed by London-based Metric Capital.
It has been reported that the fund will try to raise €500 million from institutional investors in order to scoop up consumer businesses in areas such as luxury goods and food and beverage.
Branson, who initially made his name in the music business before branching out to everything from finance to space travel, said: “I have been impressed by the development and growth of Metric Capital.”
Metric boss John Sinik has know Branson for a couple of decades, and his deal with the firm will see him take a minority stake in the new fund, evaluate deals and draw on his extensive network of contacts.
Virgin has been involved in funding smaller companies at the venture capital stage, including taxi app Hailo. Branson came on board as an investor in 2012 in an investment round that raised nearly £20 million to fund Hailo’s global expansion.