December 18, 2017 / 12:09 PM / 10 months ago

Warburg Pincus raises $2.3 billion for new financial services fund

(Reuters) - U.S. private equity firm Warburg Pincus said on Monday it has raised $2.3 billion for a new financial services fund, ahead of its target of $1.6 billion.

Warburg Pincus Financial Sector, L.P., a companion fund to its $13.4 billion Warburg Pincus XII, L.P, was launched in June.

“This new fund, in conjunction with our main, global fund, will enable us to invest behind both secular and cyclical trends that are driving the growth in the financial services sector, including increasing financial penetration in emerging markets; technology enablement; financial services outsourcing; and, in the event of a downturn, potential market dislocation opportunities,” Michael Martin, managing director and head of financial services at Warburg Pincus, said in a statement.

Warburg Pincus said it raised money from both existing investors in its funds and new contributors, including public and private pension funds, sovereign wealth funds and high-net-worth individuals.

Reporting by Joshua Franklin; Editing by Paul Simao

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