Aquiline Clinches $3.4B for Two Financial Services Funds

Aquiline Capital Partners closed its fifth private equity offering and a continuation fund, raising more than $3.4 billion for its financial services and related technologies strategies.

Aquiline Financial Services Fund V is the $10.4 billion firm’s largest fund to date, with capital commitments totaling more than $2.3 billion. The Aquiline Financial Services Continuation Fund closed at $1.1 billion.

“Aquiline’s blend of deep financial services industry knowledge and trusted relationships has underpinned our successful fundraising activities in a challenging market,” said Aquiline managing partner Igno van Waesberghe, noting that AFS V has already deployed capital across multiple investments.

The firm’s continuation fund included a “meaningful” investment from global private markets firm HarbourVest Partners. The fund was established to acquire select portfolio companies in Aquiline Financial Services Fund II and Aquiline Financial Services Fund III.

Other investors in the continuation fund include 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 fund, or receive full liquidity.