New York-based W Capital Partners, a private equity fund manager that acquires portfolios of direct private equity and venture capital investments in the secondary market, has announced th
New York-based W Capital Partners, a private equity fund manager that acquires portfolios of direct private equity and venture capital investments in the secondary market, has announced the closing of W Capital Partners II with USD700m in total commitments.
Limited partners in the fund, which exceeded its original target of USD500m, include endowment entities, foundations, financial institutions, family offices, public and private pension schemes and funds of funds. Probitas Partners was the placement agent, while Proskauer Rose acted as legal counsel.
‘We are very fortunate to have an exceptional and broad base of investors who recognise W Capital’s commitment and leadership in the growing direct secondary market,’ says managing director David Wachter.
‘Our focus and dedication to this market over the past seven years has provided us with a strong base of relationships with our limited partners, transaction counterparties, co-investors and management teams, all of which we value greatly.’
Joncarlo Mark, a senior portfolio manager at the California Public Employees Retirement System, says: ‘W Capital’s strategy fills an important component of CalPERS’ private equity programme. The firm is well positioned as a result of the current market volatility. We are pleased with W Capital’s development and performance over the past four years.’
Established in 2001 and headed by managing directors Robert Migliorino, Wachter and Stephen Wertheimer, W Capital Partners provides private equity investors with an exit for highly illiquid investments, to generate distributions to limited partners, reallocate resources into new strategic areas and eliminate follow-on capital requirements for portfolio companies.
With more than USD1bn of committed capital under management, more than 50 completed portfolio transactions and direct investments in some 150 companies, W Capital is the largest firm dedicated exclusively to buying direct private equity investments in the secondary market. Its investment areas are mid- to late-stage venture capital, growth equity and co-investments in leveraged buy-outs.
