It started with an energy fund and continued with a pool of capital to be deployed exclusively in China. Now, Warburg Pincus is plotting its next sector-specific vehicle, having set a $1.6 billion target for a new financial services fund, according to Bloomberg.
The report comes a little more than four months after Warburg Pincus closed its first-ever China fund on $2 billion and continues a departure from the firm’s usual strategy of raising global buyout funds with much broader mandates. Warburg Pincus is also currently investing its 12th flagship fund, which closed on $13.4 billion in 2015. The New York-based investor raised $4 billion in 2014 for a fund focused on the energy sphere—the firm’s first vehicle of the millennium to target a specific industry.