Wellspring Capital Management (Wellspring) has closed Wellspring Capital Partners VI with capital commitments totalling the hard cap of USD1.415 billion.
The 2011 Wellspring Capital Partners V LP was fully invested at USD1.2 billion and has generated positive returns for its investors to-date.
Fund VI brings the firm’s assets under management to more than USD4.4 billion. Limited partners include leading pension funds, endowments, fund of funds and family offices from the US, Europe and Asia.
Fund VI will continue to pursue Wellspring’s investment objective to acquire or invest in middle-market companies that are well-positioned to capitalise on change and can benefit from Wellspring’s operating and financial expertise. These tools have been used since the firm’s inception in 1995 to generate consistent business improvement in its portfolios. Wellspring has the flexibility to complete transactions ranging from USD100 million to as much as USD1.5 billion in total value in a wide range of industries.
William F Dawson, Jr, Chief Executive Officer of Wellspring, says: “My partners and I are pleased to complete the successful raising of Wellspring’s sixth fund, which is a direct result of the strong relationships we have built with the investment community over many years and the returns we have generated. Our returning and new limited partners share our belief in the unique value proposition that Wellspring brings to the investment process, with our focus on strategic partnership and tailored approach to each investment. We look forward to carrying forward that vision and continuing our success in the years ahead.”
Probitas Partners acted as exclusive placement agent and Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel with respect to formation of Fund VI.
