Fifth Cinven fund holds first close at €3bn
Cinven has held a €3bn first close for its fifth fund.
The fund has a target of €5bn and aims for a final close later this year, according to reports
The fund is thought to have a management fee of 1.5%, and will give early investors a 5% discount on fees.
Although initial reports date back to March 2011, Cinven is believed to have been formally fundraising for six months. It had a similar €5bn target for its fourth fund, which closed at €6.5bn in 2006.
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