Corsair Capital (“Corsair”), a specialist investment firm targeting payments, software, and business services investments in the financial services market, announced that it has successfully raised ~$600 million in commitments closing its first multi-asset continuation vehicle and secondary fund. The transaction was fully capitalized by a group of new and existing limited partners, led by Coller Capital.
The continuation fund, Corsair Riva, L.P. (or the “Fund”), 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 prioritize returns and optionality for limited partners, allowing them to take liquidity or continue their exposure to those well-positioned, premier assets. Additionally, the transaction provides the portfolio companies with more time and capital to realize their significant upside potential through the further realization of systemic and repeatable value-creation initiatives already underway, including technology and go-to-market optimization, accretive M&A, and human capital enhancement.
“We are very pleased to announce the successful close of Corsair’s first continuation vehicle, driven by enthusiastic support from an esteemed group of limited partners who share in our conviction in the long-term growth prospects of this portfolio of high-performing assets,” said Raja Hadji-Touma, Partner at Corsair. “We remain focused on delivering strong outcomes for our investors, and this transaction will allow us to provide flexibility to our partners seeking liquidity, as well as continued exposure to those looking to remain invested in these great companies.”
“Corsair has proven itself as a leader in services, software, and payments investing for over 30 years, with a distinct and differentiated ability to unlock true value for portfolio companies operating in complex, regulated industries,” added Edward Wertheim, Partner at Corsair. “We are proud of the success we’ve realized in partnership with these companies to date, and we remain focused on leveraging this new incremental capital to continue capitalizing on market tailwinds to grow their market position in the years to come.”
Simpson Thacher & Bartlett LLP served as legal counsel and Lazard served as financial advisor to Corsair.
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