Cinven Raises $1.5 Billion for Dedicated Financial-Services Fund

Cinven has completed fundraising for its first dedicated financial-services fund, collecting 1.5 billion euros ($1.5 billion) in a rare move by a private equity firm to start an industry-focused pool.

The UK buyout firm has reached the final close for the Strategic Financials Fund, which has already made three investments after a longer-than-expected fundraising process. It will focus on insurance, reinsurance, asset-backed specialty finance, wealth management, insurance distribution and other capital-light areas, according to a statement Monday.

The private equity fundraising environment has gotten tougher in recent months after an unprecedented period of growth. Institutional investors are narrowing the number ...