Blackfin raises €985m

The European manager closes its third financial services buyout fund above target.

Blackfin Capital Partners held a final close on Monday of BlackFin Financial Services Fund III with €985 million ($1.09 billion) of committed capital. The fund was targeting €750 million.

The fund will invest in the financial services sector in Europe.

The prior fund of this strategy, BlackFin Financial Services Fund II, closed with €410 million ($454 millon) in 2016. Fund II closed above the €350 million target amount.

LPs from Europe and the United States invested in the fund, with 40 percent of commitments coming from France, 30 percent from the rest of Europe and the final 30 percent from the U.S.

The Los Angeles County Employees’ Retirement Association committed $100 million (€90.4 million) to the fund. The European Investment Fund committed and undisclosed amount to the fund, according to PEI data.