Wellspring Capital Management has closed Wellspring Capital Partners V with capital commitments totaling USD1.2bn.
Fund V is Wellspring’s largest fund to date, bringing the firm’s assets under management to more than USD3bn.
Fund V’s limited partners include institutional investors from the US, Canada, Europe, Japan and Australia.
The fund 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.
Wellspring has the flexibility to complete transactions ranging from USD50m to USD2bn in total value in a wide range of industries.
Greg S. Feldman, a managing partner of Wellspring, says: "We are delighted by the investment community’s response to our fifth fund in a very challenging fundraising environment. This accomplishment is testament not only to our superior investment performance over the past 16 years, but to the exceptional relationships we have built with long-time limited partners, as well as institutions that are entrusting us with their capital for the first time. During the coming years, we and our management teams will continue our focus on delivering the best-in-class performance that has driven Wellspring’s growth and success."
Wellspring Fund IV, which closed in 2006 with capital commitments totaling USD1bn, is nearly fully committed. Wellspring has increased its capital base by more than 14 times since the launch of its initial fund in 1995.
Credit Suisse acted as exclusive placement agent and Paul, Weiss, Rifkind, Wharton & Garrison as legal counsel with respect to formation of Fund V.
