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Laxman Pai, Opalesque Asia: International private equity firm, Cinven, has completed fundraising for its first dedicated financial-services fund, collecting 1.5 billion euros ($1.5 billion) in a rare move by a private equity firm to start an industry-focused pool.
According to a press release, the UK buyout firm has reached the final close for the Strategic Financials Fund (SFF), which has already made three investments after a longer-than-expected fundraising process.
It will focus on insurance, reinsurance, asset-backed specialty finance, wealth management, insurance distribution, and other capital-light areas.
"The SFF is focused on investing in companies with long-term track records of consistent growth and cash generation across a broad spectrum of the European financial services sector," said the release from the financial service investing franchises in Europe.
The SFF has made three investments to date: Miller, specialist insurance and (re)insurance broker, Compre, a specialist global consolidator of closed books of non-life insurance policies, and International Financial Group Limited (IFGL), a life insurance provider of cross-border.
Stuart McAlpine, the Managing Partner of Cinven, said: "For more than 30 years, Cinven has focused on building world-class companies using its European focus and sector specialist expertise."
In addition to the SFF investments, Cinven Funds' other financial services investments include Viridium, a German spe...................... To view our full article Click here
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