Cinven closes buyout fund on €5bn

The GP hit a €3bn first close on its fifth fund in March 2012. Fundraising took 18 months in total.

Cinven's Fifth European Buyout Fund is thought to have a management fee of 1.5% and the GP was reported to have given early investors a 5% discount on fees.

The vehicle is already 14% committed, following investments in Pronet, Prezioso, Mercury Pharma and Amdipharm.

Since the start of 2011, the realised value for investors in Cinven's funds has hit €5bn.

Investors
The main investors in the fund are public pension funds, insurance companies, corporates, banks, endowments and other private investors.

The average LP commitment in the fifth fund is almost 10% more than in the previous fund. Public pension funds are the largest contributors, accounting for 38% of the LP base. Corporate pension funds committed around 12% of the total capital. Sovereign wealth funds and family offices have also taken a larger share of the LP base than in previous vehicles.

Around 50% of LPs are from the US, compared to around 42% in previous vehicles. European commitments declined slightly in comparison to previous Cinven funds, while total commitments from Asia and the Middle East rose from 10% of the fourth fund to 18% of fund five. 

In February 2013, SVG Capital committed €100m to the fund.

Investments
Fifth European Buyout Fund will make equity investments of €100m and above in firms across the business services, financial services, healthcare, industrials, retail, technology, media and communications sectors.

People
Hugh Langmuir is a managing partner at Cinven, while Alexandra Hess is a partner with responsibility for fundraising and IR.

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• Topics
• Buyout
• Cinven
• Large-cap buyout