European private equity manager Cinven has reached a final close for the sixth Cinven Fund after raising €7 billion.
Cinven said it would continue with its strategy of focusing on European buyouts with high quality businesses in market-leading positions with strong cash flows. Cinven managing partner, Stuart McAlpine, commented: “Cinven’s €7 billion sixth fund is well positioned to provide an important source of committed, long-term capital to businesses in order to achieve sustainable growth and generate attractive returns for investors and their beneficiaries.” Cinven said it had support from longstanding investors with a re-up rate of more than 90%. Its fifth fund raised in 2013 has invested in 17 companies and made over 40 acquisitions, with buy and build strategies at portfolio companies including Synlab (healthcare), Heidelberger Leben (financial services) and HEG (telecoms, media and tech stocks). Since January 2015, the fifth Cinven fund has grown by 45% in value and is valued at a net multiple of 1.4 times original cost.