Greenberg's Aquiline raises $2bn private equity fund

Insurance veteran Jeff Greenberg's firm Aquiline Capital Partners has closed its fourth private equity fund with more than $2 billion in total commitments, exceeding its target of $1.5 billion.

The New York and London-based private investment firm invests in businesses across the financial services sector in financial technology, insurance, investment management, business services, credit and healthcare. It was founded in 2005 by Jeff Greenberg - the former chairman and CEO of Marsh & McLennan who also spent 17 years at AIG in various executive roles.

Aquiline said it has raised the new fund from investors around the world. To date, the Aquiline Financial Services Fund IV has made three equity investments.

It has invested in CoAdvantage, a professional employer organisation (PEO) that provides a range of insurance and human resources solutions for small and mid-sized companies; Ontellus, a medical records retrieval and claims evaluation services company for insurance carriers and law firms; and Elm Street Technology, a real estate technology and marketing services provider.

"Today's dynamic market conditions are creating significant disruptions across financial services, technology and healthcare that we believe will present compelling investment opportunities for us," said Greenberg, chairman and CEO of Aquiline. "We look forward to building on the global momentum we have established and continuing to serve as a trusted partner to our portfolio companies through our industry expertise, operating capabilities and technology know-how."