Buyout firm Cinven, which owns gaming giant Gala and sold the Fitness First health club chain last year is set to close its latest – and largest – fund as investors continue to pile in to mega-buyout funds.
The firm began raising money in 2005 with a target of €5bn, but sources say that it has already received commitments for €5.5bn.
If the fund reaches €6.5bn, as believed by some sources, when it closes later this month it would be, albeit briefly, Europe’s largest buyout fund, beating CVC who is currently biggest with the €6bn fund it raised last year.
References: The Independent on Sunday Business & Money 18/06/2006 Page 3
