Middle market private equity firm Waud Capital Partners has closed its third fund, Waud Capital Partners III, with $463 million in commitments. The oversubscribed fund exceeded its initial $350 million target. WCP III will make equity investments ranging from $20 to $100 million in companies operating within healthcare services, business and consumer services, specialty distribution and select industrial areas. Waud Capital is based in Chicago.
Waud Capital Partners (“Waud Capital” or “WCP”), a leading middle-market private equity firm, today announced the final closing of its oversubscribed third fund. Waud Capital Partners III (“WCP III”), with $463 million of equity capital commitments, exceeded its initial $350 million target.
Waud Capital received strong support from its existing investors, with the majority reinvesting in WCP III. In addition, WCP III attracted a new and diverse group of domestic and international pension plans, foundations, family offices and individuals. WCP’s partners have also made a significant personal commitment to WCP III.
WCP III will make equity investments ranging from $20 to $100 million in companies operating within healthcare services, business and consumer services, specialty distribution and select industrial areas. Waud Capital’s fundraising effort began in May 2010 and follows nine consecutive quarterly write-ups of Waud Capital Partners II (“WCP II”), a $315 million fund raised in 2005.
“We are extremely pleased with the outstanding support from our existing and new limited partners. We are well-capitalized to continue building market-leading companies while generating superior risk-adjusted returns for our investors,” said Reeve Waud, Managing Partner of WCP.
Founded in 1993 by Reeve Waud, who leads the firm along with Partners Matt Clary and David Neighbours, WCP has grown to manage approximately $1 billion. Since inception, WCP has completed over 100 distinct acquisitions, including platform investments and follow-on opportunities, and consistently generated top-quartile returns for its investors. Today, WCP’s team of professionals is more than twice as large as it was at the inception of WCP II, positioning the firm to continue facilitating growth at its portfolio companies while also identifying new opportunities. WCP III recently completed its first investment, and the WCP team is in various stages of pursuit with several additional attractive opportunities.
“Our successful fundraising during the challenging economic environment of the last few years is a testament to the seasoned experience of our team, the track record we have established and our distinct approach to accelerating growth and creating value at our portfolio companies,” said Matt Clary, Partner at Waud Capital.
David Neighbours, Partner at Waud Capital, noted, “We are fortunate to have identified a number of attractive markets and have built several industry-leading companies. The new fund positions us to build upon this success.”
Monument Group served as placement agent for WCP III, while Kirkland & Ellis LLP provided fund formation counsel.
About Waud Capital Partners
WCP is a leading middle market private equity investment firm founded in 1993 that partners with exceptional management teams to invest in growth equity investments, industry consolidations, buyouts and recapitalizations. The firm seeks to invest $20 to $100 million in private companies in the following four areas: healthcare services, business and consumer services, specialty distribution and select industrial businesses. Typically, the companies in which WCP invests have enterprise values between $30 and $300 million.