Cinven Raises EUR3 Billion On 1st Close Of European Buyout Fund-Source
13 Marzo 2012 - 2:50PM
Dow Jones News
Cinven Group has raised EUR3 billion on the first close of its
fifth European buyout fund, one of several private equity firms to
buck market sentiment and raise significant funds, a person
familiar with the situation told Dow Jones Newswires Tuesday.
The raising comes after just six months on the road and Cinven
has received commitments from several existing investors many of
which are increasing contributions. The fund has a target size of
EUR5 billion which it hopes to complete this year.
Cinven has returned EUR2.8 billion to investors across its
previous two funds over the past year from the sale of several of
its portfolio companies. These include Amadeus IT Holding SA
(AMS.MC), the Spanish travel reservations and technology company
that listed in April 2010 and from which Cinven made a final exit
last October. Overall, Cinven has made seven times the money it put
into the company.
The London-based buyout firm also sold allergy-testing company
Phadia Group to Thermo Fisher Scientific Inc. (TMO) last year and
has recently sold Ahlsell, a Swedish distributor of building
materials, to CVC capital Partners. These sales generated returns
of 3.4 times and 2 times money put in.
Cinven and joint owner Warburg Pincus are preparing to list
Dutch cable operator Ziggo in an initial public offering expected
to raise up to EUR745 million from the sale of a fifth of the
shares outstanding.
Cinven's successful fundraising comes after BC Partners raised
EUR6.5 billion for its latest European fund last month. Meanwhile,
Apax Partners and Permira are also on the road in a bid to raise
money for new funds.
-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241;
marietta.cauchi@dowjones.com
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