Cinven Raises US$ 14.5 Billion
Posted on 01/10/2024
Cinven was founded as the private asset manager for British Coal pension scheme in 1977. Cinven became independent in 1995 and has raised funds of more than €50 billion since then. Cinven invests on behalf of public pension funds (46%), SWFs (16%), insurers (10%), endowments and others (10%), corporate pensions, (8%), fund of funds (5%), and family offices (4%),
The Cinven Funds have completed investments in more than 150 portfolio companies across Europe and in North America, realized or listed more than 115 investments, and returned proceeds of approximately €47 billion to the Cinven Funds.
Cinven is announcing the final close of its latest flagship fund, the Eighth Cinven Fund having raised US$ 14.5 billion (€13.2 billion) and reached the hard cap. This fund is 30% larger than its 2019 predecessor.
Stuart McAlpine, Managing Partner of Cinven, said: “Cinven has a long and proven track record of delivering strong and consistent performance to our investors. Our strategy for Fund 8 builds on the approach we have successfully deployed for previous Cinven Funds, investing in control positions in growth-oriented, market leading, cash generative companies with resilient characteristics where we can accelerate growth through our active management, and deliver break-out returns. We are very grateful to our Limited Partners for their continued support, and believe the investment opportunity for Fund 8 is very compelling.”
Alexandra Hess, Partner of Cinven and Head of Investor Relations, added: “We greatly appreciate the support for Fund 8 that we have received from both longstanding and new investors. With their support, we have been able to complete another successful fundraise despite the difficult market backdrop. We believe market environments such as these support successful fund vintages for investors; particularly given Cinven’s experience identifying attractive opportunities across sectors and geographies in periods of volatility.”
Cinven says it seeks to build long-term, sustainable businesses which will grow, provide employment, and generate economic benefit in an environmentally and socially responsible manner.
Advisors
Simpson Thacher represented Cinven in connection with the formation and raising of the Eighth Cinven Fund. The Simpson Thacher team was led by Gareth Earl, and included Mia Hatfield, Meiyi Lu, Nicholas Chong, Andre Nance, Victoria Hartman, Alex Hoffman, Tony Liu, Samantha Spearman, Nakul Patel, Fathima Mohamed, and Nigel Yee (Funds); Nancy Mehlman, William Smolinski and Meredith Jones (Tax); and Stephanie Biggs, Jack Harrison and Paula Caamano Sambade (Regulatory).