AnaCap closes Fund III on €850m

The financial services-focused firm was initially targeting €900 million for the vehicle, which came to market in 2014.

UK-based AnaCap Financial Partners has held a final close for its third fund on €850 million, Private Equity International has learned.

AnaCap Financial Partners III, which came to market at the beginning of 2014, was initially targeting €900 million. AnaCap held a first close for the vehicle on €500 million in June 2014 and a further interim close on €700 million last summer.

The fund close brings AnaCap’s assets under management to €3 billion. Fund III’s predecessor, a 2009-vintage vehicle, closed on €575 million. Investors in that fund include Adams Street Partners, Goldman Sachs Asset Managament and New Jersey Division of Investment, according to PEI Research & Analytics.

New Jersey Division of Investment committed $170 million to Fund III, according to PEI Research & Analytics.

Placement agent Asante Capital is understood to have helped AnaCap with the fundraise.

Like its predecessors, Fund III will invest in financial services companies with strong management teams, targeting those that can scale quickly.

In May the fund agreed to acquire Polish retail and SME bank FM Bank for an undisclosed sum after its previous owner, Polish private equity firm Abris Capital Partners, was forced to sell following a ruling by Poland’s financial watchdog KNF. Abris merged two banks to create FM Bank and, according to the KNF ruling, failed to meet its commitments as an investor by failing to consult with the regulator on the choice of the chief executive for the new bank, as reported by Private Equity International.

The fund close follows the promotions in December of Michael Edwards and Amber Hilkene to partners within their current roles as chief operating officer and head of investor relations and communications.

“Private equity activity in the financial services sector continues to rise; European banks are the largest in the world relative to their economies, with assets in excess of 300 percent of GDP, compared with just 80 percent for US banks – as such, they need to engage in a long-term de-risking process requiring them to take more than trillions off their balance sheets,” Hilkene said.