Wellington Management closes Wellington Hadley Harbor III at USD1.8bn
Wellington Management (Wellington) has held the final close of its private equity strategy Wellington Hadley Harbor III with USD1.8 billion in commitments and up to USD400 million from co-investors to invest alongside the Fund.
The Fund seeks capital appreciation by investing in private late-stage companies that need capital to sustain or accelerate growth prior to a potential IPO or sale.
Michael Carmen, CFA, senior managing director, Private Equity lead portfolio manager, and co-head of Private Investments at Wellington, said, “Wellington Hadley Harbor III is designed to take advantage of the greater value creation and capture opportunities available in today’s private space as companies stay private for longer and raise more capital prior to a liquidity event like an IPO. We believe our ability to invest across sectors leveraging our proprietary deal-sourcing processes and public markets expertise, coupled with the shortened fund life cycle relative to early-stage VC and growth equity, made the Fund an attractive vehicle for investors and makes Wellington attractive to entrepreneurs.”
The Fund’s global investor base includes public and private pension plans, insurance companies, corporations, and family offices.
The close of Wellington Hadley Harbor III follows on from the successful closes of previous vintages within the Firm’s private equity offering. Hadley Harbor (vintage year 2014) raised USD1 billion and our second fund, Hadley Harbor II (vintage year 2017), raised USD1.4 billion. Together with our co-investors, the Hadley Harbor funds have raised close to USD5 billion in total capital to invest in late-stage private companies.
The Fund’s investment team consists of nine seasoned investment professionals with diversified sector expertise. The team is supported by Wellington’s public market research analysts, who provide business insights and access to senior relationships at companies around the world. Also, the team recently appointed a new director of Privates ESG, who evaluates the ESG status of private companies and their readiness for the public markets.