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Financial services-focused private investment firm Aquiline Capital Partners LP announced Thursday that it has garnered over $3.4 billion in capital across its two latest funds: a financial services-focused private equity fund and a continuation fund.

Aquiline Secures More Than $3.4B Across 2 New Funds : Major Milestones in Fundraising

The private equity fund, Aquiline Financial Services Fund V LP, secured more than $2.3 billion in commitments, marking Aquiline's largest fund to date. The continuation fund, Aquiline Financial Services Continuation Fund LP, raised approximately $1.1 billion in commitments, according to the announcement.

Simpson Thacher & Bartlett LLP advised on the AFS Fund V, while Willkie Farr & Gallagher LLP provided counsel on the continuation fund.

Strong Momentum and Investor Support

"Aquiline's blend of deep financial services industry knowledge and trusted relationships has underpinned our successful fundraising activities in a challenging market," said Managing Partner 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."

Aquiline's fifth private equity fund surpassed the $2 billion raised by its predecessor in 2020. It received backing from an existing investor group comprising financial institutions, sovereign wealth funds, public pension funds, funds of funds, and family offices. Additionally, first-time investors from the U.S., Europe, the Middle East, and Asia also contributed.

Aquiline Secures More Than $3.4B Across 2 New Funds : Key Partnerships and Future Plans

The $1.1 billion continuation fund was significantly supported by private equity firm HarbourVest Partners and attracted new investors like StepStone, funds managed by Ares Management, and Commonfund's CF Private Equity business.

The continuation fund aims to acquire portfolio companies from Aquiline Financial Services Fund II and Fund III. Limited partners from these funds had the option to roll their value on status quo terms, reinvest in the continuation fund, or receive full liquidity.

A significant portion of the continuation fund will be allocated as follow-on capital for future growth initiatives and potential acquisitions within the portfolio.

Aquiline’s Growth and Reach

Founded in 2005, Aquiline Capital Partners has offices in New York, London, Philadelphia, and Greenwich, Connecticut. As of March 31, the firm managed $10.4 billion in assets.

Full legal counsel information for the Simpson Thacher and Willkie Farr teams advising Aquiline was not immediately available.