Cinven, the leading European large buyout investor with offices in London, Paris and Frankfurt, is pleased to announce that the Third Cinven Fund (“the Fund”) has reached final closing with commitments from over 100 international institutions totalling €4.4 billion. This makes it the largest fund dedicated solely to European buyouts.
The final closing – which was achieved without an extension – has significantly exceeded the original €3.5 billion target size of the Fund.
The funds committed at final closing compare with the Second Cinven Fund of €2.4 billion raised in 1998, which is now fully invested. The larger size of fund reflects the growing number and size of opportunities in the large buyout market across the whole of Europe.
Andrew Joy, director of Cinven, said;
“This has not been an easy environment in which to raise funds for private equity investment. However, we expect the opportunities for sizeable private equity investment to continue to grow.
“We have had excellent support from our existing partners, and equally encouragingly we have had a significant number of large new international institutions committing to the Third Cinven Fund.”
Robin Hall, managing director of Cinven, said;
“We are seeing a continuing flow of sizeable and international opportunities, for example the Klöckner Pentaplast investment and the acquisition of VUP’s healthcare and business publishing activities. It is very pleasing to have a sizeable new fund to take advantage of the growing market for large European buyouts.”
