BlackFin Capital Partners, a specialist in Europe’s financial services sector, is excited to announce the successful closing of the BlackFin Financial Services Fund IV at a total of €1.8 billion.
This new fund exceeds its initial target of €1.5 billion, driven by strong interest from institutional investors, with 45% from Europe, 45% from the Americas, and 10% from Asia.
Fund IV provides 80% more capital for investment than the previous €985 million Fund III.
The fundraising was bolstered by unwavering support from existing investors, achieving a 100% re-up rate, alongside the addition of 25 new partnerships. BlackFin’s extensive global network of limited partners encompasses public pension funds, sovereign wealth funds, fund of funds, insurance and asset managers, endowments, and family offices.
With the closing of Fund IV, BlackFin’s total assets under management have reached €4 billion, which includes its buyout and fintech strategies, solidifying the firm’s leadership in private investments in the financial services industry across Europe.
Since its establishment in 2009, BlackFin has executed over 110 transactions, making it the most active investor in this sector on the continent.
Fund IV will continue to pursue BlackFin’s successful investment strategy focused on asset-light financial services subsegments.
The firm targets sectors such as insurance brokerage and processing platforms, wealth management and financial advisory, asset management, payments, and financial software or processing providers, all of which are benefiting from increased consumer demand for financial advice, technological innovations, and evolving regulations.
The strategy emphasises primary transactions, positioning BlackFin as the first financial sponsor, allowing it to deliver substantial operational improvements. These transactions are generally off-market and proprietary, often involving intricate carve-outs from large financial institutions.
The new fund has already made initial investments, including OpGroen, a carve-out of Aon Netherlands’ personal lines insurance business, and is set to invest in IBS Capital Allies, a prominent independent wealth manager with €5 billion in assets under management.
Since the launch of Fund III, BlackFin has significantly expanded its platform, establishing new offices in London and Amsterdam to enhance its multi-local presence in Europe.
The BlackFin team has grown to 50 professionals, including nine partners, across five locations. Additionally, in 2022, the firm successfully closed its second FinTech VC fund, BlackFin Tech II, at €390 million, establishing it as the largest dedicated B2B FinTech fund in Europe.
BlackFin’s President & Founding Partner Laurent Bouyoux commented: “BlackFin began in 2009 with the simple idea that the European Financial sector was long overdue for a transformation into a more competitive landscape. We took the position that asset-light independent firms would rise up to compete against incumbents or become their service providers.
“15 years later, our investment thesis is fully substantiated by one of the strongest track records in Europe and a global base of high quality investors. We are proud to have delivered for our investors and thank them for their constant and ever-increasing support. With Fund IV, we will continue to deliver more of the same to them.”
