Aquiline eyes InsurTech after closing debut early-stage fund above target

Financial services-focused New York buyout house Aquiline Capital has beaten its target for its first fund dedicated to early and growth-stage dealmaking.

The firm has pulled in $190m for the final close of Aquiline Technology Growth Fund, easily passing its initial $150m goal in the process.

Its latest fundraise comes just over a year after the firm closed its third flagship financial services private equity fund on $1.1bn.

Aquiline said it would use ATG to invest in technology and services companies that will impact the global insurance industry and broader financial services sector.

Specific areas of interest include InsurTech, asset management technology, benefits and retirement, security, data and analytics, and enterprise software.

Aquiline cited InsurTech, as having emerged as one of the fastest-growing areas of investment within financial technology.

It said it planned to make investments ranging from $3m to $15m in companies raising Series A to growth equity financings.

Aquiline chairman and CEO Jeff Greenberg said, “Given that technology is driving rapid change in the financial services sector, Aquiline has increasingly focused on FinTech as an attractive investment area. ATG is a natural extension of that effort.

“The fund represents a key piece in the evolution of Aquiline’s end-to-end offering, allowing our firm to now support early, growth-stage and middle-market companies within the financial services sector.”

In January Aquiline announced that Max Chee and Michael Cichowski had joined the firm to develop its ATG fund.

Chee, who brings 17 years of experience as a private equity and venture capital investor to the firm, will lead the Technology Growth Fund.

Prior to joining Aquiline, he was a managing partner at Millennium Technology Value Partners, where he led more than 20 enterprise, consumer, and financial technology investments.

Cichowski joined the firm having accumulated ten years of venture capital and growth equity investing experience, focusing on financial technology.

ATG has made two minority investments to date.

In May the Fund invested in Carpe Data, a provider of new and alternative forms of data and predictive analytics for the insurance industry, and in June made an investment in an early-stage subscription service firm that provides home warranty and concierge repair services.

Copyright © 2017 FinTech Global

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