Waud Capital Partners closed its fourth private equity fund at $1.056 billion in capital commitments. Waud Capital collected $900 million from limited partners, exceeding the original target of $750 million of limited partner commitments.
Chicago, IL, February 22, 2016 – Waud Capital Partners, a leading lower middle-market private equity firm, today announced the final close of its fourth private equity fund, Waud Capital Partners IV, with $1.056 billion of total capital commitments. The capital commitments consist of $900 million from Limited Partners plus a substantial commitment of $156 million from the General Partner and its Affiliates. The new fund was significantly oversubscribed, and Waud Capital closed WCP IV at the hard cap and well above the original target of $750 million of Limited Partner commitments.
“We are pleased that nearly all of our existing investors chose to partner with us again in WCP IV, and we are also honored by the number and quality of investors that are joining us for the first time,” said Reeve Waud, Founder and Managing Partner of Waud Capital. Mr. Waud added that, “raising WCP IV in 12 weeks from the formal launch is a testament to the results we have delivered for our investors since WCP’s founding in 1993. Our performance is a direct result of the dedication, hard work and unwavering focus of our management partners on creating strong risk-adjusted returns. Quite honestly, our success is first and foremost about recruiting the best and the brightest investment professionals and partnering with exceptional CEOs. Our disciplined and process-driven investment approach – led by dedicated industry research, identifying and partnering with outstanding executives, and an exhaustive mapping of potential acquisitions – has been the key to our success.”
Mr. Waud also noted that, “we also believe it is important to create a strong alignment with our Limited Partners, which we have done through our large commitment to the fund.” Limited Partners include a diverse group of domestic and international pension funds, endowments, foundations, sovereign wealth funds, insurance companies, asset managers, family offices and individuals.
Waud Capital is led by Mr. Waud, Partners Matt Clary and David Neighbours and Principals Justin DuPere, Chris Graber and Matt London. WCP IV will continue Waud Capital’s proven investment strategy of partnering with exceptional management teams to acquire or create platforms in lower middle-market services businesses with a focus on healthcare services and business and technology services. WCP seeks to invest $50 million to $100 million of total equity, including follow-on investments, in each platform, and employs a disciplined three-phase investment strategy with staged investments designed to generate superior risk-adjusted returns. Since its founding, WCP has made more than 185 investments, including platform companies and follow-on opportunities.
Waud Capital raised its first fund of $115 million in 1999, WCP II of $272 million in 2005 and WCP III of $487 million in 2011.
Kirkland & Ellis served as legal advisor to Waud Capital.
About Waud Capital Partners
Waud Capital Partners is a leading Chicago-based private equity investment firm founded in 1993 that partners with exceptional management teams to acquire or create platforms in the U.S. lower middle market through control-oriented growth equity investments, industry consolidation, buyouts or recapitalizations. WCP targets services businesses in large, growing, fragmented markets within two industries: healthcare services and business and technology services. Typically, the initial platform companies in which WCP invests have enterprise values between $50 million and $250 million. For additional information on WCP, visit www.waudcapital.com.