Cinven increases new fund to €5.3bn

The London-headquartered firm, which held a €5bn closing in March, extended its fundraising to admit several investors who had not been able to commit by the March deadline.

UK-based buyout firm Cinven has collected an additional €300 million from investors for its “Fifth European Buyout Fund”, taking the final close total to €5.3 billion.

The firm reached its €5 billion target for the new fund in March, but extended its fundraising to admit several investors in the fund who were unable to commit at that point, according to a statement. As a result, the fund has closed slightly ahead of the expected €5 billion target.

The fund is already approximately 16 percent invested, following the firm's recent investments in AMCo, Pronet and Prezioso. 

Cinven said it had a “substantial” re-up rate, with many existing LPs re-upping at higher levels, Cinven’s managing partner Hugh Langmuir told Private Equity International last March, at the time of its €3 billion first close. “There has been a trend of manager consolidation and we have benefited from that trend,” he said.