European buyout house, Cinven, has raised EURO3.5 billion (GBP2.2 billion) for the Third Cinven Fund. This exceeds the fund’s original target and Cinven’s last fund, which raised EURO2.4 billion in 1998 and is now fully invested. The investor has scheduled further closings for early 2002 but has not yet disclosed how much it anticipates the fund will raise in total.

Cinven director, Andrew Joy, said: ” We have had excellent support from our existing partners, and equally encouragingly we have had a significant number of large new international institutions committing to the Third Cinven Fund.” The fund has so far attracted commitments from over m60 international institutions.

In October, Cinven agreed to acquire German-based Pentaplast, Klckner Werke’s packaging films division, for EURO925 million. This was the first investment from the Third Cinven Fund.