Toronto-based specialty finance firm Wellington Financial LP has closed its fourth growth capital and venture debt partnership, Wellington Financial Fund IV, at a “hard cap” of C$200 million. Wellington concurrently announced the addition of Vikram Gupta to the firm’s team as partner, and the opening of its third North American office in California. The newly closed Fund IV represents a 33% increase in size over Wellington’s Fund III, which was closed in 2006.
Wellington Financial L.P., a privately held specialty finance firm providing growth capital to Canadian and U.S.-based companies, announced the final closing of Wellington Financial Fund IV, as well as the addition of Vikram Gupta to its growing team of professionals.
Wellington Financial Fund IV, which announced its $177.5 million first close on September 5, 2012, is a successor fund to three previous entities. Fund III, which was capitalized with $150 million in re-circulating equity funding commitments, led $315 million of financings via 50 loans over a 6-year period.
With its final close on March 29, 2013, Fund IV has reached its “hard cap” of $200 million in re-circulating equity commitments from several leading Canadian institutional investors. “In this difficult fundraising climate, we are honoured to have hit Fund IV’s hard cap of $200 million in re-circulating equity commitments,” said Mark McQueen, Wellington Financial’s President and Chief Executive Officer. “This capital base positions our firm to provide entrepreneurs across North America with up to $600 million of True Growth Capital over the next few years.”
To further enhance the firm’s U.S. presence, Wellington Financial is pleased to welcome Vikram Gupta to its team as a Partner and Head – Western U.S.A. Region. Mr. Gupta joins Wellington with 14 years of experience financing high-growth technology businesses as both an equity investor and lender. Prior to joining Wellington, Mr. Gupta was with Western Technology Investment, JPMorgan Partners and Credit Suisse First Boston.
“I am excited to join the Wellington Financial team,” stated Mr. Gupta. “Wellington’s unique product offering, commitment to high-growth businesses and strong reputation with entrepreneurs and equity investors alike makes the firm an ideal partner for VC-backed companies. I look forward to further enhancing Wellington’s presence in the U.S. market as we continue to target the most promising innovation businesses.”
“The track record of Fund III speaks to the success of the clients that we’ve had the pleasure to serve over the past 12 plus years,” added Ken Rotman, Chairman of Wellington Financial. “The institutional limited partnership community recognizes our alignment of interests, which is why Wellington is one of the few innovation-focused funds to hit its ‘hard’ fundraising cap over the past five years.”
Wellington also announced today the promotions of Kul Mani and Craig Netterfield, both based in the firm’s Toronto office, to Partner. Eric Speer, a Vice-President in Wellington’s Santa Monica office, will continue to focus on high growth companies based in Southern California and key Western States.
Wellington Financial Fund IV will continue the firm’s strategy of investing in both public and private companies with a demonstrated customer base, minimum of $5 million in trailing revenue, talented management and well-defined growth strategies.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture and amortizing loans up to $30 million. Wellington Financial LP is currently managing a $600 million investment program with offices in Santa Monica, San Francisco and Toronto. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to the Fund. LPs include several of Canada’s largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
SOURCE: Wellington Financial LP
For further information:
Wellington Financial LP
Tel: (416) 682-6007
Photo courtesy of Shutterstock.