Aquiline collects $618m for Fund II

The financial services-focused firm is targeting $2bn for its second fund, which will transfer 100% of transaction fees back to the fund.

Aquiline Capital Partners has held a first close for its second financial services fund on approximately $618 million, according to documents filed with the US Securities and Exchange Commission.

The financial services-focused firm is targeting $2 billion for the fund, which will transfer 100 percent of transaction fees back to the fund. Aquiline’s first such fund closed on $1.1 billion in 2007 and sent 80 percent of deal fees back to the fund. The firm did not use a placement agent to raise the funds collected as of 20 June.

Aquiline declined to comment.

Last September, the firm invested $225 million in CRT Capital Group, an institutional broker-dealer based in Stamford, Connecticut. In June 2010, Aquiline purchased a 24.9 percent stake in BNC Bancorp, the parent company of NYSE-listed Bank of North Carolina. The firm anchored a $35 million capital raise for BNC.

Aquiline was founded in 2005 by Jeffrey Greenberg, the former chairman and CEO of Marsh & McLennan’s in-house buyout group MMC Capital. Greenberg, the son of former AIG head Maurice “Hank” Greenberg, resigned from Marsh & McLennan in 2005 amid bid-rigging and price-fixing allegations leveled against the company by New York attorney general Eliot Spitzer. Marsh eventually settled those charges by paying $850 million as part of a settlement.

Aquiline invests in financial sectors including: insurance, banking, securities, asset management, operations and financial technology.