US private equity firm Warburg Pincus has raised the largest fund in its 57-year history closing its latest investment vehicle above target with $17.3bn in capital commitments, according to a report by The Financial Times.
The final close of the fund, which was originally targeting $16bn, comes as other private investment firms have struggled to attract cash amid waning opportunities in the buyout market.
Fundraising began about about two years ago for the fund, which will focus on the Warburg Pincus’s core business of corporate buyouts and equity stakes in companies, with the aim of making between 75 and 90 investments with an average deal value of around $175m.
Warburg joins a select group of older PE managers who have closed large funds above target recently, including Clayton, Dubilier & Rice, CVC Capital Partners, TA Associates, and GTCR. Apollo Global Management, Carlyle Group and Blackstone, meanwhile, are among several large firms that have warned they expect to miss initial fundraising targets for their latest flagship buyout funds.
