New York-based Aquiline is seeking $1 billion for Fund III, three sources said. Stanwich Advisors is the placement agent for Fund III, an SEC filing dated Oct. 27 said.
The buyout shop doesn’t want to raise more than $1 billion and hopes to deploy the pool “prudently,” one limited partner said.
Jeff Greenberg, the former chairman and CEO of Marsh & McLennan Cos., founded Aquiline in 2005. (Greenberg also worked at AIG where his father, Maurice “Hank” Greenberg, was Chairman and CEO.)
Aquiline invests in sectors such as insurance, banking, asset management and financial technology. The firm recently put auto finance company First Investors Financial Services up for sale, peHUB has reported. Earlier this month, Aquiline agreed to buy a majority stake in Worley Claims Services. Aquiline, along with Genstar Capital Management, closed its buy of Genworth Wealth Management last year.
Buyouts said in July that Aquiline would be seeking $1 billion with Fund III.
The firm’s last fund, Aquiline Financial Services Fund II LP, collected $742 million in 2011, Buyouts said. That fund was generating a 20 percent IRR and a 1.34x total value multiple as of June 30, performance data from the Oregon Public Employees Retirement Fund said.
Aquiline’s first fund closed at $1.1 billion in 2007, according to a statement from that time. Fund I is producing an 8.1 percent IRR and a 1.46x total value multiple, Oregon Public Employees Retirement Fund said.
Aquiline declined comment. Stanwich couldn’t be reached for comment.