European private equity major Cinven is reportedly eyeing more than $12bn for its latest flagship private equity fundraise, just two years after closing its €10bn Fund VII.
London-headquartered Cinven is preparing to gauge interest for the new funds as soon as after this summer according to Bloomberg, which cited unnamed people it said were familiar with the matter.
It added that the firm could begin collecting commitments later this year.
Cinven raced to a €10bn hard cap close for its seventh flagship fund in May 2019, after less than four months in the market.
The oversubscribed vehicle saw a “very high” re-up rate from LPs according to the firm.
Fund VII was double the size of the firm’s fifth fund raised in 2013, and well above the €7bn it gathered for Fund 6 in a similarly rapid raise in 2016.
Recent deals from Cinven include exiting specialty concrete manufacturer Chryso in a trade deal to Saint Gobain after significant expansion in the US market.
Cinven acquired Chryso from LBO France in 2017 as the fourth investment from its sixth fund.
A report from May this year said fellow private equity giant Permira was eyeing more than $15bn for its latest private equity fund – less than two years after closing its €11bn predecessor vehicle.
Last week Hellman & Friedman completed a sensational fundraise by hauling in $24.4bn for one of the biggest private equity buyout funds ever raised.
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