W Capital Partners has closed its second fund with $700 million in capital commitments. Probitas Partners served as placement agent, while limited partners include CalPERS. W Capital acquired portfolios of direct private equity and venture capital investments in the secondary market.
W Capital Partners, a private equity fund that acquires portfolios of direct private equity and venture capital investments in the secondary market, today announced the closing of W Capital Partners II, L.P. The Fund received $700 million in total commitments, exceeding its original target of $500 million. Limited Partners include leading endowments, foundations, financial institutions, family offices, public pensions, private pensions and fund-of-funds worldwide.
“We are very fortunate to have an exceptional and broad base of investors who recognize W Capital's commitment and leadership in the growing direct secondary market,“ said David Wachter, Managing Director. “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 counter-parties, co-investors and management teams, all of which we value greatly.“
Joncarlo Mark, Senior Portfolio Manager of CalPERS, commented, “W Capital's strategy fills an important component of CalPERS private equity program. 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 and are excited about our commitment to the new fund.“
W Capital Partners provides private equity investors an exit for highly illiquid investments, in order to generate distributions to limited partners, reallocate resources into new strategic areas and eliminate follow-on capital requirements for portfolio companies. W Capital Partners is led by Managing Directors Robert Migliorino, David Wachter and Stephen Wertheimer.
Probitas Partners acted as placement agent. Proskauer Rose LLP served as counsel.
About W Capital Partners
Since 2001, W Capital has become the industry leader in providing private equity firms, financial institutions, corporations and hedge funds with a liquidity alternative for their private equity investments. With more than $1 billion of committed capital under management, over 50 completed portfolio transactions and direct investments in more than 150 companies, W Capital Partners is the largest firm dedicated exclusively to the acquisition of direct private equity investments in the secondary market.
The firm pursues opportunities in mid-to-late stage venture capital, growth equity and co-investments in leveraged buyouts. Portfolio companies include: BigFix, Blackboard, CAMP Systems, Demand Media, Double-Take Software, eDocs, eRoom, Financial Engines, Generations Network, Hemosense, Hertz, Internet Brands, Intranets.com, Khimetrics, mZinga, Plateau Systems, QuinStreet, Reliant Pharmaceuticals, RiskMetrics, Sensitech, TechProcess, Travel Centers of America, Universal Studios Escape and Vanguard Health Systems.
For additional information, please visit www.wcapgroup.com