Aquiline Capital Partners, a private investment firm focused on financial services and related technologies, has raised $2.3bn for its fifth private equity fund, Aquiline Financial Services Fund V, making it the firm’s largest fund to date.
AFS V attracted support from the firm’s existing investor base of financial institutions, sovereign wealth funds, public pension funds, funds of funds and family offices, as well as first-time commitments from investors across the US, Europe, the Middle East and Asia.
Aquiline also closed its Continuation Fund with approximately $1.1bn of capital commitments, including a lead investment from HarbourVest Partners. The continuation fund was established to acquire select portfolio companies in Aquiline Financial Services Fund II and Aquiline Financial Services Fund III. A portion of the fund will be available as follow-on capital to support future growth initiatives and potential strategic acquisitions within the portfolio.
HarbourVest served as lead investor in the Continuation Fund, with participation from other new investors including StepStone, funds managed by Ares Management and Commonfund’s CF private equity business, as well as re-investment from existing limited partners. All AFS II and AFS III limited partners were provided with the option to roll their value on status quo terms, reinvest their value into the Continuation Fund or receive full liquidity.
