Linklaters advises on €5bn Cinven fundraising after usurping Ashurst

Linklaters’ funds team has won its first key role on a fundraising for private equity house Cinven after winning the client from Ashurst.

Linklaters partner Jonathan de Lance-Holmes snatched the relationship off Ashurst partner Jeremy Sheldon last year, as reported in The Lawyer in June (20 June 2011).

The magic circle firm is advising on Cinven’s €5bn (£4.3bn) fundraising, according to Private Equity News.

Cinven is expected to hold the first closing of at least half of the €5bn target for the private equity fundraising.

Ashurst partner Sheldon advised the London-headquartered company on its £6.5bn fundraising in 2006 and on previous fundraisings. Sheldon since retired.

Ashurst had also advised Cinven on a number of deals, including the sale of car parks operator NCP to 3i Group for £555m in 2005 (13 July 2005).

The company was also a client of former Ashurst finance partner Erica Handling, who left the City firm to join Barclays Capital last year (23 September 2010).

Another partner on the Cinven relationship, David Arnold, left for Kirkland & Ellis last summer (1 June 2010).

De Lance-Holmes was a partner in Linklaters’ Moscow office between 1995 and 2006 before moving to London, where he now heads the investment management group.