Third Cinven Fund closes on Eur4.3bn

The Third Cinven Fund has held a final close on Eur4.3bn – breaking its original target of Eur3.5bn and making it the third largest fund ever raised in Europe, behind only CVC’s Eur4.65bn CVC European Equity Partners III and Apax Partner’s Eur4.4bn Apax Europe V which closed in March 2001. Over 100 international institutions invested in the fund, the majority of which were pension funds, both public and corporate. Other institutions included funds-of-funds, insurance firms and banks as well family offices. Most of the money came from European investors, with the second largest geographical contributor being the US and the balance coming from the rest of the world.

Cinven invests in large European buyouts with a minimum total transaction size of around Eur150m. It is expected that most of the deals done from the Third Cinven Fund will be in the major European economies, although Cinven will be considering investments across the whole of Europe. The group will consider all sizes of deals; it is predicted that an average of around four investments will be made from the fund per year, with Cinven taking a controlling stake in its investee companies.

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• Southern Europe