Private equity firm Wellspring Capital Management has raised $1.2 billion for its fifth fund, Wellspring Capital Partners V LP. The new fund, which is the firm’s largest to date, will focus on middle market investments and buyout deals ranging from $50 million to $2 billion. Wellspring Capital is based in New York and has more than $3 billion under management.
Wellspring Capital Management LLC (“Wellspring”) today announced the closing of Wellspring Capital Partners V LP (“Fund V”) with capital commitments totaling $1.2 billion.
Fund V is Wellspring’s largest fund to date, bringing the firm’s assets under management to more than $3 billion. Fund V’s limited partners include leading institutional investors from the U.S., Canada, Europe, Japan and Australia.
Fund V will continue to pursue Wellspring’s investment objective to acquire or invest in middle-market companies that are well-positioned to capitalize on change and can benefit from Wellspring’s operating and financial expertise. Wellspring has the flexibility to complete transactions ranging from $50 million to as much as $2 billion in total value in a wide range of industries.
Greg S. Feldman, a Managing Partner of Wellspring, said: “We are delighted by the investment community’s response to our fifth fund in a very challenging fundraising environment. This accomplishment is testament not only to our superior investment performance over the past 16 years, but to the exceptional relationships we have built with long-time limited partners, as well as institutions that are entrusting us with their capital for the first time. During the coming years, we and our management teams will continue our focus on delivering the best-in-class performance that has driven Wellspring’s growth and success.”
Wellspring Fund IV, which closed in 2006 with capital commitments totaling $1 billion, is nearly fully committed. Wellspring has increased its capital base by more than 14 times since the launch of its initial fund in 1995.
Credit Suisse acted as exclusive placement agent and Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel with respect to formation of Fund V.
About Wellspring Capital Management
Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. The firm’s objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources.
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