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.
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 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
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.