About This Fund
The Aquiline Financial Services Continuation Fund L.P. is a GP-led secondary continuation vehicle managed by Aquiline Capital Partners, closed in June 2024 with approximately $1.1 billion in capital commitments. The vehicle was established to acquire select high-performing portfolio companies from Aquiline Financial Services Fund II L.P. and Aquiline Financial Services Fund III L.P., allowing Aquiline to extend its ownership of its most conviction-backed assets while providing existing investors with a structured exit option.
As a continuation fund, the vehicle is structured to extend the holding period of specific financial services portfolio companies in which Aquiline retains high conviction, enabling the manager to execute on identified value-creation initiatives without the time pressure imposed by primary fund lifecycle constraints. All limited partners in AFS II and AFS III were offered the option to roll their positions on status quo terms, reinvest into the continuation vehicle, or receive full cash liquidity — in line with established best practices for GP-led secondary transactions. HarbourVest Partners served as the sole lead investor, joined by StepStone, funds managed by Ares Management, and Commonfund's CF Private Equity business, with re-investment from existing limited partners providing additional validation of the portfolio quality.
The Continuation Fund closed simultaneously with Aquiline Financial Services Fund V L.P., bringing combined new capital raised by Aquiline in 2024 to more than $3.4 billion — one of the largest simultaneous primary-plus-continuation fund closes for a single financial services-focused manager. The transaction reflects the growing institutional acceptance of GP-led secondaries as a tool for retaining top assets beyond traditional fund lifecycles and demonstrates broad confidence in Aquiline's portfolio management capabilities in the financial services sector.