Aquiline Technology Growth Fund Closes with Total Commitments of Approximately $190 Million
NEW YORK, July 25, 2017 – Aquiline Capital Partners LLC, a New York-based private equity firm investing in financial services, today announced the final closing of the Aquiline Technology Growth Fund (ATG) with approximately $190 million in total capital commitments, exceeding its target of $150 million. ATG is managed by Aquiline and is the firm’s first dedicated early/growth-stage fund. In addition to ATG, Aquiline manages three financial services funds and has raised over $6.5 billion of capital through its affiliated funds and co-investments.
ATG invests in technology and services companies that will impact the global insurance industry and broader financial services sector. Within these sectors, the fund targets specific areas that include insurance technology, asset management technology, benefits and retirement, security, data and analytics, and enterprise software, among others. Insurance technology, or InsureTech, has emerged as one of the fastest-growing areas of investment within financial technology. Investments will range between $3 million and $15 million in companies raising Series A to growth equity financings.
“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,” stated Jeff Greenberg, Chairman and Chief Executive of Aquiline. “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 joined the firm to leverage their decades of venture capital investing experience to develop ATG. They have since built out a broader team of investment professionals to support the fund’s investment mandate.
“There are significant opportunities in financial services with technology impacting every aspect of the value chain for consumers and businesses. As every sector of the economy becomes digitized, the insurance industry, in particular, is an area that will be profoundly impacted by technology over the next decade. It’s also an area where Aquiline’s deep expertise and expansive network of industry and investor relationships provides ATG with a distinct advantage,” said Mr. Chee, who leads Aquiline Technology Growth. “We look forward to working with entrepreneurs and fellow institutional and corporate venture capitalists in building exciting new companies.”
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.
About Aquiline Capital Partners LLC
Aquiline Capital Partners, founded in 2005, is a private equity firm based in New York investing in businesses across the financial services sector in banking and credit, insurance, investment management and markets, and financial technology and services. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline-llc.com.
About Aquiline Technology Growth
Aquiline Technology Growth seeks to invest in early- and growth-stage technology companies that are bringing innovation to the insurance and broader financial services ecosystems. ATG is managed by Aquiline Capital Partners. Its team of professionals has experience in technology and financial services and is supported by its colleagues at Aquiline Capital Partners, strategic partners, and an active group of industry experts. For more information on ATG, please visit: http://www.aquiline-llc.com/atg.