Corsair In $471.6M Close On Fund IV

Firm: Corsair Capital LLC

Fund: Corsair IV Financial Services Capital Partners LP

Amount: Second close, $471.6 million

Target: $2 billion

Placement agent: Atlantic-Pacific Capital Inc.

Corsair Capital LLC is pushing ahead with its fourth fund, a regulatory filing shows.

The New York buyout shop, a specialist in financial services investing, reported Dec. 2 that it had closed on $471.6 million for its Corsair IV Financial Services Capital Partners LP, with 15 investors participating. Corsair had reported a first close in May of just more than $395 million.

Corsair is reported to be targeting $2 billion for the new fund. The firm raised raised $1.1 billion for its third fund, which closed in 2007. Past investors include General Electric Co., NB Private Equity Partners Ltd. and Standard Chartered Bank.

Corsair’s Web site lists six current investments, including two domestic banks, insurance companies in the United States, Poland, and South Korea, and a finance company based in Boston. Past investments include National City Corp. a $150 billion Cleveland banking company that sold in December 2008 to rival PNC Financial Services Group Inc. of Pittsburgh, during the depths of the financial crisis.

Founded in 1992 as a buyouts arm of J.P. Morgan, Corsair is led by J.P. Morgan veterans Nicholas B. Paumgarten, its chairman, and D.T. Ignacio Jayanti, its president, who led the firm’s spinoff from JPMorgan Chase & Co. in 2006. Corsair focuses on growth capital, take-privates and carveouts, and distressed investing in financial companies around the world.

Corsair is working with placement agent Atlantic-Pacific Capital Inc. of Greenwich, Conn., on its current fund raising. Both Corsair and Atlantic-Pacific declined comment.