Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,  BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 12.2.2021 
C(2021)  1061 final  
PUBLIC VERSION 
Cinven Capital Management ( SFF) 
General Partner Limited  
Level Four, Mill Court, La Charroterie, 
St Peter Port   
GY1 1EJ Guernsey  
 
Raffles  Private Holdings Limited  
York House, 45 Seymour Street  
W1H 7LX London 
United Kingdom  
Subject : Case M. 10076 – CINVEN / RAFFLES / MILLER  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041  and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 21 January 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Cinven Capital 
Management (SFF) General Partner Limited (“Cinven”) (Guernsey)  and Raffles 
Private Holdings Limited (“Raffles”) (United Kingdom), controlled by GIC Private 
Limited (“GIC”) (Singapore ), acquire within the meaning of Article 3(1)(b) of the 
Merger Regulation joint control over the whole of Miller Insurance Services LLP 
(“Miller”) (United Kingdom)  by way of purchase of shares .3 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘ Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 31, 28.1.2021 , p. 50-51. 

2 2. The business activities of the undertakings concerned are:  
− Cinven is a private equity business primarily active in the provision of 
management and advisory services to investment funds. 
− Raffles is an investment vehicle of GIC, which manages a diversified global 
portfolio of investments in private equity, venture capital and infrastructure funds, 
as well as direct investments in private companies.  
− Miller is active in the provision of non- life insurance and reinsur ance broking 
services.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation and of 
paragraph 5 (a) of the Commission Notice on a simplified procedure for tre atment of 
certain concentrations under Council Regulation (EC) No  139/2004.4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.