Corsair Capital has held a final, on target close of its fifth fund, Corsair V Financial Services Capital Partners LP, with $1 billion of limited partner commitments from new and existing investors from the firm’s earlier funds.
Corsair Capital was founded in 1992 as part of J.P. Morgan & Co. – it spun out as an independent firm in 2006 – and has invested across a range of geographies and in substantially all of the subsectors of the financial services industry including payments, financial technology, insurance, wealth & asset management, banking and specialty finance.
Typical investments by Corsair are from $50 million to $100 million in companies that have enterprise values of $100 million to $500 million. The firm also invests in larger transactions when partnering with co-investors. Corsair is based in New York with an additional office in London.
“The successful close of Corsair V is a recognition of our differentiated strategy and a testament to our team’s ability to partner with best-in-class companies and management teams,” said Ignacio Jayanti, managing partner of Corsair. “Through our performance and partnership-driven philosophy, we help our portfolio companies flourish by leveraging our team’s sectoral perspective, deep network of relevant industry relationships and impactful resourcing for value-add initiatives.”
Corsair’s new fund, along with an additional $264 million of co-investments, has already made investments in six portfolio companies including Axo AS, a Norway-based originator of consumer loans (2020); IDnow, a Germany-based provider of SaaS identity verification products (2019);
ZEDRA Group, a Switzerland-based provider of financial services to high net worth individuals and medium to large-sized companies (2019); Jackson Hewitt Tax Service, the second-largest provider of assisted tax-preparation services in the United States (2018); Spring Venture Group, a United States-based digital direct-to-consumer insurance sales and marketing company specializing in the senior market (2018); and RGI, an Italy-based provider of insurance management services (2017).
“We are pleased to have received such strong support from our limited partners, and we would like to thank our investors for their commitment to the firm throughout the years and for the continued confidence they have placed in our team,” concluded Mr. Jayanti. “Our value creation practices continue to evolve from a strong foundation, and the successful close of Corsair V reflects the fact that our strategy is working.”
Corsair’s previous fund, Corsair IV Financial Services Capital Partners LP, closed in 2012 with $863 million of committed capital.
© 2020 Private Equity Professional | February 27, 2020