Corsair Capital has closed a $600m continuation vehicle and secondary fund, marking its first multi-asset transaction of this kind. The fund will anchor high-performing European financial services assets from multiple Corsair funds, including ZEDRA, Redpin, and IDnow.

The deal, led by secondaries specialist Coller Capital, was fully capitalised by a group of new and existing LPs. The continuation fund, Corsair Riva, L.P., is structured to offer existing investors optional liquidity while enabling Corsair to retain ownership of three strategically positioned portfolio companies.

ZEDRA provides international trust, corporate, and fund administration services; Redpin delivers embedded payments and software for cross-border property transactions; and IDnow is a pan-European digital identity verification platform.

Corsair said the fund will enable the companies to continue executing value-creation initiatives such as tech optimisation, go-to-market strategies, human capital enhancement, and bolt-on M&A.

“This transaction will allow us to provide flexibility to our partners seeking liquidity, as well as continued exposure to those looking to remain invested in these great companies,” said Raja Hadji-Touma, Partner at Corsair.

Edward Wertheim, Partner at Corsair, added: “We remain focused on leveraging this new incremental capital to continue capitalising on market tailwinds to grow their market position in the years to come.”

Simpson Thacher & Bartlett LLP acted as legal counsel, while Lazard served as financial advisor to Corsair.