Aquiline raises over $3.4 billion of fund capital

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Jun 06, 2024, 08:00 ET

NEW YORK and LONDON, June 6, 2024 /PRNewswire/ -- Aquiline Capital Partners LP ("Aquiline" or "the Firm"), a private investment firm dedicated to financial services and related technologies, today announces that it has raised more than $3.4 billion of fund capital, following the final close of its fifth private equity fund, Aquiline Financial Services Fund V L.P. ("AFS V"), and the close of its continuation fund, Aquiline Financial Services Continuation Fund L.P. ("Continuation Fund").

With over $2.3 billion in capital commitments, AFS V is Aquiline's largest fund to date, significantly exceeding the size of its predecessor. The Firm received strong support from its existing investor base of financial institutions, sovereign wealth funds, public pension funds, funds of funds, and family offices. Aquiline also welcomed significant first-time commitments from investors across the U.S., Europe, the Middle East, and Asia, demonstrating confidence in its investment activities and growth trajectory.

Concurrently, Aquiline has closed on approximately $1.1 billion of capital commitments in its Continuation Fund, including a meaningful lead investment from HarbourVest Partners ("HarbourVest"). The continuation fund was established to acquire select portfolio companies in Aquiline Financial Services Fund II L.P. ("AFS II") and Aquiline Financial Services Fund III L.P. ("AFS III"). The transaction offered investors the opportunity to capture future value creation while providing existing limited partners with an option for accelerated liquidity. A meaningful portion of the fund will be available as follow-on capital to support future growth initiatives and potential strategic acquisitions within the portfolio.

HarbourVest served as the sole lead investor in the Continuation Fund, with participation from several other new investors, including 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 Continuation Fund, or receive full liquidity.

The combined $3.4 billion of fund capital was welcomed by Aquiline's Managing Partners, Vincenzo La Ruffa and Igno van Waesberghe.

"Aquiline's blend of deep financial services industry knowledge and trusted relationships has underpinned our successful fundraising activities in a challenging market. We are pleased to welcome a mix of new strategic investors from our industries, as well as institutional investors from Asia and the Middle East, to AFS V and leading institutional investors to our Continuation Fund," said Igno van Waesberghe. "We already have strong momentum in AFS V, with capital deployed across multiple investments, and look forward to continuing the value creation journey."

Since its formation in 2005, Aquiline has been committed to its strategy of working with companies to solve the financial industry's biggest challenges. With a global presence and rigorous industry analysis, Aquiline can identify industry trends, both big and small, that create meaningful change in the delivery of financial services. The Firm has built deep, trusted relationships across insurance, asset and wealth management, banking and capital markets, healthcare, and payments, enabling Aquiline to partner with companies to build value for its investors alongside company management.

"We have purposefully created a firm that provides capital and expertise to outstanding companies, whether in the form of private equity capital, venture and growth funding, or credit," said Vincenzo La Ruffa. "Along with our geographic and industry reach, this makes us a powerful partner for industry leaders, entrepreneurs, and innovators alike."

Notes to Editors

About Aquiline Capital Partners LP

Aquiline Capital Partners LP is a private investment firm based in New York, London, Philadelphia, and Greenwich, Connecticut, that is dedicated to financial services and related technologies. The Firm has approximately $10.4 billion in assets under management as of March 31, 2024.

For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com.

About HarbourVest Partners, LLC

HarbourVest is an independent, global private markets firm with over 40 years of experience and more than $125 billion of assets under management as of December 31, 2023. HarbourVest's interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. HarbourVest's strengths extend across strategies, enabled by its team of more than 1,150 employees, including more than 230 investment professionals across Asia, Europe, and the Americas. Across its private markets platform, the HarbourVest team has committed more than $59 billion to newly formed funds, completed over $53 billion in secondary purchases, and invested over $39 billion in direct operating companies. HarbourVest partners strategically and plans its offerings innovatively to provide its clients with access, insight, and global opportunities.

For further information please visit www.harbourvest.com.

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SOURCE Aquiline Capital Partners LP