European private equity powerhouse Cinven could jump back into fundraising next year for the follow-up to its €7bn sixth fund raised less than two years ago, AltAssets can reveal.
Cinven took just four months to strike the hard cap for Sixth Cinven Fund in the summer of 2016, seeing it oversubscribed by two times its target and boasting a re-up rate of more than 90 per cent.
That vehicle is now about 40 per cent committed following today’s buyout of Partner in Pet Food from Pamplona Capital Management – meaning the firm has begun looking at 2019 as a potential time to launch Fund VII, a source with knowledge of the firm told AltAssets.
They said the firm would be unable to launch a new flagship fundraise until Fund VI is 75 per cent committed. Cinven said it could not comment on fundraising activity.
While no talk of targets for Fund VII has come out of Cinven to date, Fund VI already marked a new high for the firm, with Fund V closing at €5.3bn in 2013 and Fund IV on €6.5bn in 2006.
The firm has scored a string of exits in the past year, most recently through selling Northgate Public Services in a £475m deal.
It made a 3.2x return selling CeramTec to a BC Partners-led investment group last October, sold down its stake in UK financial services company Just Group a month earlier, and parted with CPA Global to fellow buyout firm Leonard Green in £2.4bn deal a month before that.
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