Canadian private equity firm Whitehorse Liquidity Partners has closed its second secondaries fund at its US$1 billion hard cap.
Whitehorse Liquidity Partners Fund II exceeded its US$800 million target with the help of insurance companies, pension systems, family offices, financial institutions and wealthy investors. The fund is more than twice the size of its predecessor, which raised US$400 million in 2017.
Founded three years ago by Managing Partner Yann Robard, who previously led the secondaries and co-investments program of Canada Pension Plan Investment Board, Toronto-based Whitehorse focuses on making preferred equity investments in private equity portfolios.
To date, the firm has invested more than $1 billion in 18 closed or pending deals.
Partner Michael Gubbels said Whitehorse’s investment, operations and investors relations team, which today consists of 20 professionals, nearly tripled over the past year.
Photo: Yann Robard, founder and managing partner of Whitehorse Liquidity Partners.
Whitehorse Liquidity Partners Closes Fund II at US$1.0 Billion Hard Cap
• Fund II closes at $1.0 billion hard cap
• Team grows to 20 individuals
• Over $1.0 billion invested and committed in 18 closed or pending transactions since inception
• Firm well placed to capture growing market opportunity
TORONTO, September 4, 2018 – Whitehorse Liquidity Partners (“Whitehorse”), a private equity firm focused on making preferred equity investments in private equity portfolios, today announced a successful final close for Whitehorse Liquidity Partners Fund II (“Fund II”) at its US$1.0 billion hard cap. This is in excess of its US$800 million target and more than double Whitehorse’s $400 million Fund I.
Whitehorse’s diversified investor base is comprised of leading insurance companies, public and corporate pension plans, family offices, financial institutions and individual investors.
Yann Robard, Managing Partner of Whitehorse, said, “The success of our Fund II fundraise was driven by strong continued support from our existing investors base combined with the addition of a number of new investors. We continue to be very grateful for the confidence and conviction our investors have placed in Whitehorse. The increase in the size of Fund II reflects the significant scale of the market opportunity we see ahead of us, and we are now well placed to continue to capture this white space opportunity.”
Speaking to the growth in the team, Michael Gubbels, Partner of Whitehorse, said, “We have expanded the Whitehorse team to enable us to effectively capture the growing market opportunity. The team now consists of 20 professionals and growing. In just over a year, we have nearly tripled the size of our team focusing on the investment, operations and investors relations functions. We are extremely proud of the quality and talent of the individuals joining our organization and thankful for the efforts and dedication of the team over the past couple of very productive years”
With regards to the market opportunity, Giorgio Riva, Partner of Whitehorse, said, “Our novel, partnership-focused approach has resulted in rapid market adoption and a significant pipeline of opportunities. Our focus on offering nimble, customized and aligned liquidity solutions has been well received by the market. This has resulted in Whitehorse executing on 18 pending or closed transactions valued at over $1.0 billion since 2016.”
Rob Gavin, Senior Principal adds, “Whitehorse has established itself as a credible counterparty in the growing preferred equity market. Our innovative and aligned approach has been additive to the secondary market, offering a differentiated means of accelerating liquidity to investors with private equity programs and, in some cases, unlocking transactions that may not have otherwise been completed.”
Sean Connor, Chief Financial Officer of Whitehorse, said, “Whitehorse has continued to focus on building an institutional quality operations department by hiring a team of talented professionals. Our commitment to providing our investors with best in class reporting, support and service is paramount to our approach. Without investors, there would be no Whitehorse”
Kirkland & Ellis served as legal counsel for Whitehorse and Fund II.
About Whitehorse Liquidity Partners
Whitehorse Liquidity Partners is a private equity firm focused on making preferred equity investments in private equity portfolios. Whitehorse has identified what it believes is a significant and untapped market opportunity in the utilization of a preferred equity structure to generate liquidity on private equity portfolios and/or finance the acquisition of private equity portfolios. Whitehorse was formed in 2015 and seeks to provide customized and flexible liquidity solutions for private equity investors looking for alternatives to an outright sale of assets or traditional debt financings. For more information, please visit www.whitehorseliquidity.com.