Cinven partner leaves ahead of fund close

Pascal Heberling has decided to ‘take a break’ ahead of the closing of Fund V, which is 85% raised and expected to close in mid-March.

Pascal Heberling, a partner at Cinven, has left the UK private equity firm shortly ahead of the final closing of its latest fund.

Heberling decided to “take a break” after 12 years at Cinven, according to sources. The 40-year old partner, who holds both French and German citizenship, didn’t want to commit to the firm for the duration of another investment cycle, they said. Heberling’s departure did not trigger any key-man provisions for Cinven's current fund, according to a person with knowledge of the firm.

Pascal Heberling

Heberling was based at Cinven’s London office. He had previously spent a couple of years in Paris between 2004 and 2006.

His role led him to work on deals including NCP, which brought a 2.7x return in 2005, as well as Springer, which scored a 1.8x return in 2010. He was also involved in the buyout of Spire Healthcare, a €2.1 billion deal sealed in 2007.

Cinven now counts 20 remaining partners.

Heberling’s move comes as the firm is nearing completion of its latest fundraising effort. Cinven’s Fund V, which has a €5 billion target, will hold a final close by mid-March. It is now close to 85 percent subscribed, according to a source with knowledge of the process.

Fund IV, the firm’s last vehicle, has returned close to 55 percent of the paid-in capital to investors, the source said. As of end September 2012, it was valued at 1.6x on a gross basis. The fund held a final close on €6.58 billion in 2006.