Aquiline Capital closes fourth fund on $2bn

Alessia Argentieri
27 May 2020

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Aquiline Capital Partners, a private equity firm specialising in financial services and technology, has held a final close for its fourth private equity fund, Aquiline Financial Services Fund IV, on $2bn.

The vehicle exceeded its initial target of $1.5bn, collecting commitments from investors around the world. It is almost double the size of its predecessor, Aquiline Financial Services Fund III, which closed on $1.1bn in the first half of 2016.

Aquiline also manages Aquiline Technology Growth, an early- and growth-stage fund that targets technology companies working with the financial services ecosystem. The fund closed on $190m in July 2017, exceeding its $150m target. It focuses on the insurance technology, asset management technology, benefits and retirement, security, data and analytics, and enterprise software segments, among others. The fund deploys tickets of $3-15m in North American and European companies raising series-A to growth equity financings.

The fund has recently led a $20m series-D funding round for Germany-based Treasury Intelligence Solutions (TIS), which develops a cloud platform for managing corporate payments.

Established in 2005, Aquiline is headquartered in New York and London, and has $5.3bn in assets under management. The firm targets high-growth potential opportunities and drives value creation by supporting management with its strategic, operational and technological capabilities.

Investors
Aquiline raised the new fund from a wide base of international investors, including numerous pension funds and asset managers from the US and Europe.

Investments
Aquiline Financial Services Fund IV invests in businesses operating in key industries of the global financial services sector, with a focus on financial technology, insurance, investment management, business services, credit and healthcare. It typically deploys equity tickets in the $30-300m range.

Geographically, the vehicle targets companies based across North America and Europe.

It has made three investments to date, in CoAdvantage, a professional employment organisation that provides a range of insurance and human resources services for small and medium-sized companies; Ontellus, a medical records retrieval and claims evaluation company for insurance carriers and law firms; and Elm Street Technology, a real estate technology and marketing service.

"Today's dynamic market conditions are creating significant disruption across financial services, technology and healthcare that we believe will present compelling investment opportunities for us," said Jeff Greenberg, chair and CEO of Aquiline.

People
Aquiline Capital Partners – Jeff Greenberg (chair, CEO).