West Hill Partners has ended 18 months of fund-raising for what would have been its debut vehicle, according to an LP source. The firm failed to approach its $500 million goal, leading its existing investors to terminate their commitments.
West Hill Partners, based in Boston, was founded in mid-2007 by alums of buyout firm J.W. Childs. The firm had secured commitments from Ontario Municipal Employees Retirement System and Adams Street, among others. OMERS had committed $75 million, a source said. The total amount raised was $120 million, according to Private Equity Insider, which first reported the fund was being cancelled.
But those commitments were contingent on West Hill’s hitting its $500 million goal. When the frosty fund-raising market and the added challenge of marketing a first-time fund proved to be too difficult, the investors pulled the plug.
Park Hill served as the placement agent for West Hill, which had yet to make an investment.
In January, peHUB reported that West Hill Partners had had a challenging time marketing its fund with no first close to speak of after a year. West Hill did not respond to calls for comment.
West Hill was created when Dana Schmaltz, former J.W. Childs President, left the firm in mid-2007. Ted Yun, the former Partner and Chair of the Investment Committee of J.W. Childs, joined him alongside former Childs principals Jeffrey J. Teschke, and James Rhee and Mark J. Tricolli.
For its part, J.W. Childs has decided to forgo a new fund-raise in lieu of a $200 million SPAC, which it filed last March.
See previously: West Hill Partners Working Away on First Fund