Richard Branson, founder of the Virgin group, is to become a partner in a private equity fund focused on investing in luxury consumer goods.
The billionaire entrepreneur will join a new fund co-managed by Metric Capital, which has about $2bn (£1.47bn) assets under management, FTAdviser’s sister paper the Financial Times reported.
The fund seeks to raise €500m (£440m) to strike consumer deals worth up to €2bn (£1.76bn).
It is the first of three funds to be launched in the next few years and seeks to benefit from Sir Richard’s expertise in luxury goods, leisure and food and drink.
The fund plans to raise money from big investors, including pension firms and state-owned investment funds and targets returns of about 20 per cent, 10 per cent of which will be given to women’s and children’s charities.
Sir Richard already has experience investing in private equity funds, including a board membership at TPG’s Rise fund.
This marks the latest in a string of new ventures for the entrepreneur whose company also has interests in a new cruise ship for adult-only trips and a spaceship for spaceflight trips.