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.
Photo courtesy of Shutterstock
If you do not receive this within five minutes, please try and sign in again. If the problem persists, please
email: subscriptions@peimedia.com.