Private equity firm Cinven raises new 7 billion euro fund: Reuters

(Reuters) — European private equity firm Cinven Ltd is set to complete fundraising of its latest fund at 7 billion euros ($7.9 billion), sources said, underscoring robust fundraising across the buyout sector even as financial markets remain jittery.

The new fund, which would be the sixth for Cinven, will set aside a fraction of its money for investments outside Europe, said two sources familiar with the situation who declined to be named as the matter is not public.

The exact time that fundraising will close was not clear. Cinven declined to comment. The firm’s latest successful fundraising was reported earlier this month by Financial News.

With offices in New York, Hong Kong and across Europe, Cinven focuses on investing in six sectors including business services, consumer, financial services, healthcare, industrials and technology, media and telecommunications.

Notable investments in the past included its purchase of British shoe company Kurt Geiger, known for its glamorous footwear. A source also told Reuters earlier this month that Cinven is in final talks to buy travel operator TUI’s Hotelbeds unit in a deal estimated at around 1 billion euros.