Warburg Pincus raises $2.3b global financial services fund
Warburg Pincus has closed its first global private equity fund focused on financial services with $2.3 billion in commitments.
The Warburg Pincus Financial Sector Fund launched in June with a target of $1.6 billion. LPs include public and private pension funds sovereign wealth funds, insurance companies, endowments, foundations and high-net-worth individuals.
The fund will seek to partner with entrepreneurs and management teams sourced through the GP’s existing global platform. It is considered a companion fund to Warburg Pincus XII, a $13.4 billion vehicle which invests across a range of sectors including financial services.
“This new fund, in conjunction with our main, global fund, will enable us to invest behind both secular and cyclical trends that are driving the growth in the financial services sector, including increasing financial penetration in emerging markets; technology enablement; financial services outsourcing; and, in the event of a downturn, potential market dislocation opportunities,” Michael Martin, a managing director and head of financial services at Warburg Pincus, said in a statement.
Late last year, Warburg Pincus closed its first dedicated China fund at $2 billion that also operates alongside Fund XII. Current financial sector investments by the firm in Asia include China Huarong Asset Management and India’s Au Financiers and Capital First. Previous financial investments in the region include India-based lenders HDFC and Kotak Mahindra Bank.
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