Jun 01 2009

AnaCap raises €575 for new financial services equity fund

AnaCap Financial Partners LLP (“AnaCap”), the London based private equity firm that specialises in the financial services sector, has successfully closed its second fund, AnaCap financial Partners II, LP, raising €575 million from investors. The new fund is almost twice the size of AnaCap’s first fund which raised €300 million in 2006. AnaCap now have in excess of €920 million under management.

The AnaCap funds have together just completed the first ever acquisition of a UK deposit-taking bank by private equity investment fund. The FSA approved acquisition of Ruffler Bank will see the AnaCap funds injecting a further £80 million onto the bank over the coming years as the bank undergoes a substantial but measured expansion of its operations.

Says Amber Hilkene, Director at AnaCap: “The successful closing of our second fund illustrates the interest of our investors in this sector and their confidence in our team. It is a great result particularly given the general difficulty for private equity to raise funds in this market.” “With the funds now secured, we are in an excellent position to capitalise on the wide range of opportunities resulting from the turbulence of the last two years.”

The new fund will continue the existing investment strategy for AnaCap’s first fund and focus on making control investments in mid-sized financial services companies across Europe. AnaCap explains that, rather than depending on financial engineering, it seeks to add value to its funds’ investee companies by, amongst other things, operational improvement, analytics, information and risk management.

AnaCap has attracted investment from high-calibre investors that include Goldman Sachs, Allianz, Honeywell, Morgan Stanley Alternative Investment Partners, State of New Jersey and Adams Street Partners. The average size of commitments to AnaCap’s second fund is €25 million.

AnaCap says that part of the fund’s attraction to investors is the highly regarded team of 18 investment professionals that AnaCap has built up since inception. AnaCap says its team’s extensive and specialist experience in the financial services sector is also seen as an asset by investee companies as they are able to capitalise on such experience to supplement their in-house capabilities and create value.

AnaCap was advised by Ashurst LLP in relation to the raising of AnaCap Financial Partners II, LP.

About AnaCap Financial Partners LLP

AnaCap is a specialist private equity investment advisor which is based in London and focuses on pan-European investments in the financial services sector. AnaCap has more than $920 million under management. AnaCap provides investment advice for both funds and targets businesses with high growth potential, strong management teams and / or restructuring needs for investments. Post-investment, AnaCap provides operational and financing expertise to create value in its funds’ investee companies. AnaCap’s investment strategy and team has attracted investment from highly regarded global institutional investors including Goldman Sachs, Allianz, Honeywell, Morgan Stanley Alternative Investment Partners, State of New Jersey and Adams Street Partners.