Corsair Capital, a specialist investment firm targeting payments, software, and business services investments in the financial services market, has raised ~$600m in commitments closing its first multi-asset continuation vehicle and secondary fund.
The transaction was fully capitalised by a group of new and existing limited partners, led by Coller Capital.
The continuation fund, Corsair Riva, was established to acquire a diversified portfolio of high-performing European portfolio companies across multiple Corsair funds in services, software, and payments.
The assets in the Fund are ZEDRA, an international player in trust, corporate and fund administration services, Redpin, a specialist provider of payments and embedded software for international property transactions, and IDnow, a leading continental European identity verification platform provider.
A secondary fund was also raised to acquire a majority interest in IDnow.
This transaction was designed to prioritise returns and optionality for limited partners, allowing them to take liquidity or continue their exposure to those well-positioned, premier assets. Additionally, it provides the portfolio companies with more time and capital to realise upside potential through value-creation initiatives already underway, including technology and go-to-market optimisation, accretive M&A, and human capital enhancement.
Simpson Thacher & Bartlett LLP served as legal counsel and Lazard served as financial advisor to Corsair.
