Cinven Increases Employee Pay 25% on Rising Fee Income

Cinven Partners LLP, one of Europe’s largest private-equity firms, increased compensation by 25 percent in 2013 on rising fee income from its latest fund.

A total of 86 employees received 20.4 million pounds ($32.9 million), up from 16.2 million pounds in 2012, according to a filing with Companies House in London. Managing Partner Hugh Langmuir, 59, was the highest paid last year at 2.2 million pounds compared with 1.95 million pounds in 2012, according to a person with knowledge of the matter, who asked not to be identified because the information is private.

In comparison, Permira Advisers LLP Co-Managing Partner Kurt Bjorklund received 2.9 million pounds, a person with knowledge of the matter said previously. Apax Partners LLP Chairman Martin Halusa got 11.2 million pounds including profits from companies sold, according to another person with knowledge of the matter.

Revenue at Cinven, which only includes fee income and excludes profits on companies sold, was 49.2 million pounds in 2013, up from 43.6 million pounds a year earlier, according to the Companies House filing. The buyout firm raised 5.3 billion euros ($6.7 billion) for its fifth pool in June, 300 million euros more than its original target.

Cinven changed its structure from a limited company to a limited liability partnership in February 2012, meaning the accounts cover only part of the year, the person said. Employees and partners also received 3.9 million pounds last year from Cinven’s employee benefit trust, up from 605,000 pounds in 2012, the filing showed.

A spokesman for Cinven declined to comment.

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