BY AINSLIE CHANDLER, BLOOMBERG BRIEF
AnaCap Financial Partners LLP is expected to surpass the 900 million euro ($1.01 billion) target for its third private equity fund, according to a person familiar with the fundraising.
The London-based firm, which invests in the European financial services sector, will probably raise between 900 million euros and its hard cap of 1.25 billion euros for AnaCap Financial Partners III LP, the person said. A final close is expected in the fourth quarter, the person said.
AnaCap had raised $698 million by the time of a regulatory filing in February. Investors include the New Jersey Division of Investment and Denmark’s Industriens Pensionsforsikring A/S, according to Bloomberg data.
The firm’s previous buyout fund, AnaCap Financial Partners II LP, gathered 575 million euros in commitments in 2008.
AnaCap is also raising its third credit fund, which has a 450 million euro target, according to the person. Texas County and District Retirement System committed 45 million euros to that fund, AnaCap Credit Opportunities Fund III, in May, according to the pension.
The predecessor to that fund, AnaCap Credit Opportunities II LP, raised 350 million pounds ($538 million) in 2012 and is close to fully invested, according to data compiled by Bloomberg. It has a net internal rate of return of 9.74 percent and a 1.12 multiple of invested capital, according to Texas County & District data from Dec. 31. That performance put it in the third quarter compared with its peers, according to Bloomberg data.
AnaCap was founded in 2005 and manages about 2.6 billion euros in credit and private equity strategies and co-investments, according to its website. It is led by co-managing partners Joe Giannamore, the former chief executive of GMAC UK, which was then the U.K. finance arm of General Motors Corp., and Peter Cartwright.
Giannamore, Cartwright and the firm’s head of investor relations did not respond to e-mails or phone messages seeking comment.
The above sample article is from Bloomberg Brief Private Equity.