Cinven aims to raise more than $12bn for a new private equity fund, becoming the latest acquisition to take on a fierce investor class demand for assets, according to people familiar with the matter.
The European private equity pioneer could start measuring interest in a global fund in euros after the summer, the people said, asking not to be identified and discussing confidential information. Cinven may begin accumulating commitments later in the year, one of the people said.
Considerations are at an early stage, and no final decisions have been made on the size and timing of any new fund, according to the people. A Cinven representative declined to comment.
Cinven just closed its seventh flagship fund to $11.8bn in 2019. The rapid return to seek new capital underscores the ongoing investor desire for private equity exposure in mid-low-yield portfolios. On Thursday, Hellman & Friedman closed one of the industry’s largest funds ever to $ 24.4 billion, while Carlyle Group Inc. and Permira both chase large sums for their latest cars.
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Led by its managing partner Stuart McAlpine, Cinven has distributed capital at a rapid pace on some of the largest offerings in the industry. In February last year, it was involved in Europe’s largest private equity agreement in a decade: a 17.2 billion euro takeover of Thyssenkrupp AG’s elevator business. The acquisition was Cinven’s largest ever at some distance, according to data compiled by Bloomberg.
It is currently in talks to take Sanne Group Plc private after making a fifth unsolicited bid for the business service provider, and is also competing with Bain Capital for Rolls-Royce Holdings Plc’s ITP Aero division, Bloomberg News reported in June.
Cinven began his life in the 1970s as the head of pensions for coal miners. It launched its first independent fund in 1996 and was one of the first UK-based private equity firms to target US pension investors and endowment insurance companies. Since then, it has raised around 37 billion euros for investments, according to the website.
Source: SportsBeezer
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