Cinven holds €10bn close for seventh buyout fund

The vehicle is larger than its predecessor, which held a final close on €7bn in June 2016. Fund six has backed 15 companies headquartered in 11 different countries to date. Its unrealised portfolio generated double-digit EBITDA growth last year.

Since January 2017, Cinven has completed seven exits, including the sales of CeramTec, a manufacturer of high performance ceramics (3.2x); Medpace, a global contract research organisation (3.5x); and Ufinet Group, an independent fibre network operator (6x). 

Investments
The Seventh Cinven Fund will focus on European buyouts and make selective North American investments targeting six main sectors: business services, consumer, financial services, healthcare, industrials and TMT. The vehicle will deploy equity tickets from €200m.

Cinven typically supports buy-and-build growth strategies. Portfolio companies of its fifth and sixth vehicles have made around 200 add-on acquisitions to date.

Investors
The fund was oversubscribed and received significant support from longstanding investors, with a very high re-up rate, according to the GP.

The LP base is composed of 180 investors from 30 countries worldwide. Around 44% of the investors are from North America, approximately 34% are European LPs, 15% are from Asia and around 7% are from the Middle East. Around 50% of the LPs are public pension funds, 10% are insurance companies, 5% funds-of-funds and 4% family offices.

Unquote understands that New York State Teachers' Retirement System committed €150m, with Oregon Investment Council committing €200m and Tennessee Consolidated Retirement System €150m.

People
Cinven – Stuart McAlpine (managing partner).

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