Chicago-based Waud Capital Partners raised $1.056 billion for its fourth private equity fund, reaching its hard cap just 12 weeks after the fund’s formal launch. Waud collected $900 million from limited partners, exceeding the original target of $750 million in LP commitments.
Waud Capital Partners IV attracted over twice as much money as WCP III, which pulled in $487 million in 2011. The firm raised its debut fund of $115 million in 1999 and its second fund closed in 2005 at $272 million.
Like its predecessors, WCP IV will continue to target investments in lower middle-market services businesses with a focus on healthcare and technology and business services. The firm seeks to commit between $50 million and $100 million of total equity, including follow-on investments, in each platform. Typically, the initial companies in which Wauld invests have enterprise values between $50 million and $250 million.
Since its founding, Waud has made more than 185 investments, including platform companies and follow-on opportunities. The firm currently owns eight companies including Acadia Healthcare, a chain of facilities that provide psychiatric and substance abuse care.
Kirkland & Ellis served as legal advisor to Waud.
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