Cinven Said to Start Raising $7 Billion for New Buyout Fund

Cinven Ltd., the British private equity firm that owns the Pizza Express restaurant chain, is in talks to raise 5 billion euros ($7 billion) for a leveraged buyout fund, three people with knowledge of the matter said.

Managing Partner Hugh Langmuir, a 20-year Cinven veteran, began briefing investors on the plans today after the firm spent 70 percent of the 6.5 billion-euro pool it raised in 2006, said the people, who declined to be identified because the decision is private. The firm initially sought 5 billion euros for its previous fund.