Cinven’s partner in charge of financial services investments is departing the private equity firm after two decades, people familiar with the matter said.
(Bloomberg) — Cinven’s partner in charge of financial services investments is departing the private equity firm after two decades, people familiar with the matter said.
The buyout firm announced internally this month that Caspar Berendsen is leaving, according to the people, who asked not to be identified discussing confidential information.
A spokesperson for Cinven declined to comment, while Berendsen couldn’t immediately be reached for comment.
A former JPMorgan Chase & Co. banker, Berendsen joined Cinven in 2003. Over his two decades with the firm, he worked on deals for companies including consumer credit firm NewDay and insurance platform Viridium.
He was one of the partners behind Cinven’s investment in Eurovita Holding SpA, the Italian life-insurance firm that was thrown into turmoil by bond market volatility in 2022. Ivass, the regulator of Italian insurers, ended up putting Eurovita into temporary administration, dealing a blow to Cinven’s ambitions of playing a bigger role in expanding financial services companies in Europe.
Cinven only last year raised €1.5 billion ($1.6 billion) for its first dedicated financial-services fund — a rare move by a private equity firm to start an industry-focused pool.
Maxim Crewe will replace Berendsen as head of the financial services sector team at Cinven, in addition to his role running the firm’s consumer team, according to one of the people. Crewe’s deals include Polish e-commerce platform Allegro.eu SA, which listed in September 2020, and footwear retailer Kurt Geiger.
Berendsen was also co-head of Cinven’s strategic financials fund team. His co-head Luigi Sbrozzi will now take sole charge, the person said.
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