New York, NY – Aquiline Capital Partners Llc (“Aquiline”), a distinguished private investment firm concentrating on the financial services sector and related technologies, has announced the successful closing of over $3.4 billion in fund capital. This significant milestone follows the final close of its fifth private equity fund, Aquiline Financial Services Fund V L.P. (“AFS V”), and the closing of its continuation fund, Aquiline Financial Services Continuation Fund L.P. (“Continuation Fund”).
Aquiline’s latest fundraise underscores its robust market position and the confidence investors place in its specialized approach to financial services investing. The firm’s ability to attract substantial capital in the current economic climate highlights its expertise and strong track record within the industry.
With capital commitments exceeding $2.3 billion, AFS V stands as Aquiline’s most substantial fund to date, surpassing its predecessor in size and scope. The fund garnered strong support from Aquiline’s established investor base, including prominent financial institutions, sovereign wealth funds, public pension funds, funds of funds, and family offices. Significantly, AFS V also attracted first-time commitments from a diverse range of investors across the U.S., Europe, the Middle East, and Asia. This global investor interest reflects widespread recognition of Aquiline Capital Partners LLC’s investment strategy and its potential for continued growth.
Alt text: Aquiline Capital Partners LLC logo displayed against a neutral background, representing the firm’s brand identity in financial services.
Concurrently, Aquiline Capital Partners LLC finalized approximately $1.1 billion in capital commitments for its Continuation Fund. This fund saw a significant lead investment from HarbourVest Partners (“HarbourVest”), a global private markets firm. The Continuation Fund was strategically established to acquire selected portfolio companies from Aquiline Financial Services Fund II L.P. (“AFS II”) and Aquiline Financial Services Fund III L.P. (“AFS III”). This innovative transaction structure provided investors with an opportunity to benefit from future value creation within these portfolio companies, while also offering existing limited partners a valuable option for accelerated liquidity. A considerable portion of the Continuation Fund will be allocated as follow-on capital to fuel future growth initiatives and potential strategic acquisitions within the acquired portfolio.
HarbourVest Partners played a pivotal role as the sole lead investor in the Continuation Fund. The fund also benefited from participation from several new investors, including StepStone, funds managed by Ares Management, and Commonfund’s CF Private Equity business, as well as reinvestments from existing limited partners. Notably, all limited partners in AFS II and AFS III were offered a range of options: to roll their value on existing terms, reinvest their value into the Continuation Fund, or receive full liquidity. This flexible approach ensured investor alignment and optimized outcomes for all stakeholders involved.
The successful closing of $3.4 billion in combined fund capital was met with enthusiasm by Aquiline’s Managing Partners, Vincenzo La Ruffa and Igno van Waesberghe. Their leadership has been instrumental in positioning Aquiline Capital Partners LLC as a leading player in the financial services investment landscape.
Igno van Waesberghe commented, “Aquiline’s distinct combination of in-depth financial services industry knowledge and strong, trust-based relationships has been fundamental to our successful fundraising efforts, especially in a challenging market environment. We are delighted to welcome a diverse group of new strategic investors from our core industries, as well as prominent institutional investors from Asia and the Middle East, to AFS V, and leading institutional investors to our Continuation Fund.” He further added, “AFS V already has significant momentum, with capital deployed across a number of compelling investments, and we are enthusiastic about continuing our journey of value creation.”
Since its inception in 2005, Aquiline Capital Partners LLC has remained steadfast in its commitment to partnering with companies to address the most pressing challenges within the financial industry. Leveraging its global presence and rigorous industry analysis, Aquiline is adept at identifying significant industry trends that are shaping the future of financial services delivery. The Firm has cultivated deep and trusted relationships across key sectors including insurance, asset and wealth management, banking and capital markets, healthcare, and payments. These relationships enable Aquiline to effectively partner with companies and build substantial value for its investors alongside company management teams.
Vincenzo La Ruffa emphasized Aquiline’s comprehensive approach, stating, “We have intentionally built a firm that offers both capital and specialized expertise to exceptional companies, whether through private equity capital, venture and growth funding, or credit solutions. Coupled with our extensive geographic and industry reach, this positions us as a powerful partner for industry leaders, entrepreneurs, and innovators alike.”
About Aquiline Capital Partners LP
Aquiline Capital Partners LP, operating as Aquiline Capital Partners LLC, is a private investment firm with a global footprint, with offices in New York, London, Philadelphia, and Greenwich, Connecticut. The firm is exclusively dedicated to investments in financial services and related technologies. As of March 31, 2024, Aquiline Capital Partners LLC manages approximately $10.4 billion in assets.
For more detailed information about Aquiline Capital Partners LLC, its investment professionals, and its portfolio companies, please visit www.aquiline.com.
About HarbourVest Partners, LLC
HarbourVest Partners, LLC (“HarbourVest”) is a leading independent, global private markets firm. With over four decades of experience, HarbourVest manages over $125 billion in assets as of December 31, 2023. HarbourVest’s integrated platform offers clients access to a wide range of private market opportunities, including global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. HarbourVest’s global team comprises over 1,150 employees, including more than 230 investment professionals across Asia, Europe, and the Americas. Across its private markets platform, HarbourVest has committed over $59 billion to newly formed funds, completed over $53 billion in secondary purchases, and invested over $39 billion in direct operating companies. HarbourVest strategically partners with clients and innovatively designs its offerings to provide access, insightful perspectives, and global investment opportunities.
For additional information on HarbourVest Partners, LLC, please visit www.harbourvest.com.
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SOURCE Aquiline Capital Partners LP
