Cinven attracts €300m extra to mega euro fund

Michael Bow
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PRIVATE equity firm Cinven yesterday said it had attracted a further €300m (£255m) to its €5bn European buyout fund, just a week after its blockbuster float of insurer Partnership.

The firm, which also owns the restaurant group behind Ask, Zizzi and Byron burger, finally shut the door on the fund – the largest currently operating in Europe – after extending the final close deadline by three months to allow a handful of investors more time to get into the fund.

It comes hot on the heels of last Friday’s initial public offering of insurance company Partnership, which netted the company seven times its original investment and earned £300m for investors.

“The success of Partnership underscores Cinven’s financial services team’s expertise in successfully investing in what is a complex and regulated sector,” managing partner of Cinven Hugh Langmuir said yesterday.

The group originally closed the fund, its fifth raised since the company was founded in 1977, after reaching its €5bn target in mid-March.

It failed to scale the heights of its fourth fund which raised €6.5bn in 2006 but ranks higher than the third €4.3bn raised in the post-dotcom era in 2001.

The close comes amid a time of flux in the role of private equity investors, so-called limited partners.

Figures out today show around 90 per cent of limited partners plan a co-investment along with a private equity firm over the next 12 months.

The data, from Private Equity International, also found 74 per cent thought there was not a problem with accessing debt to fund deals.