The London-based firm took around six months to raise the cash and expects to have raised €5bn by the time it reaches its final close, City A.M. understands.
It comes just weeks after BC Partners – the owner of gyms chain Fitness First and Swedish cable group Com Hem – pulled in €6.5bn, in the largest European fundraising since the onset of the financial crisis.
Cinven offered discounts on fees to early investors, like many buyout groups who are competing for cash in a changed marketplace.
Yesterday it told investors it had held a first close, which allows it to start investing the money.
It attracted existing and new investors and will spend the cash on its core sectors of business and financial services, consumer, healthcare, industry and telecoms, media and technology.
The fundraising caps a busy period for the European firm. It has returned €2.8bn to investors over the last year after lucrative sales including healthcare group Phadia and its stake in travel bookings firm Amadeus.