Cinven holds EUR 1.5bn final close for financial services fund

The firm said in a statement that it is aiming to build on its track record in the financial services sector. The fund is the GP’s first fund to be dedicated to a specific sector.

Cinven registered its Eighth Cinven Fund in July 2021 with a USD 12bn target, according to Unquote Data. The GP held the final close for its Seventh Cinven Fund in May 2019 on EUR 10bn.

Investors
According to Unquote Data, LPs in Cinven’s flagship funds have included a range of institutional investors such as public pension funds, asset managers, fund-of-funds managers and sovereign wealth funds. These include Canada Pension Plan Investment Board (CPPIB), Partners Group and ICG.

In its last flagship fund, around 44% of Cinven’s LPs were from North America, with around 34% from Europe, 15% from Asia and around 7% from the Middle East. Around 50% the fund’s LPs were public pension funds, 10% were insurance companies, 5% were fund-of-funds, and 4% were family offices, according to Unquote Data.

Investments
The fund will make investments across a range of financial services sub-sectors, including areas in which Cinven has previous experience. This includes life and non-life insurance and reinsurance, asset-backed speciality finance, wealth management, insurance distributors, and "capital light" financial service providers, according to a statement.

The vehicle will target companies with long-term track records of consistent growth and cash generation. The new fund will draw on Cinven’s network to source deals, the GP said in the same statement.

To date, SFF has made three investments. It acquired London-based insurance broker Miller in March 2021, alongside GIC, in a buyout from Willis Towers Watson at a reported GBP 680m valuation, after having announced the deal in November 2020.

In April 2021, it acquired London-based non-life insurance policy closed books consolidator Compre in an SBO from CBPE Capital.

In February 2022, the fund bought Isle of Man-based life insurance business International Financial Group Limited (IFGL) via an SBO from Vitruvian.

People
Cinven – Caspar Berendsen (partner); Luigi Sbrozzi (partner, co-head of the Strategic Financials Fund); Stuart McAlpine (managing partner).

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