Whitehorse closes fourth secondaries fund at $4bn hard cap

Whitehorse Liquidity Partners, a Canadian secondaries investment firm, has closed a fourth fund at its $4 billion hard cap.

Whitehorse Liquidity Partners, a Canadian secondaries investment firm, has closed a fourth fund at its $4 billion hard cap. Whitehorse Liquidity Partners Fund IV exceeded its $3 billion target and is twice the size of its predecessor, closed in 2019. Whitehorse has deployed more than $6.3 billion to over 75 transactions since its founding in 2015 by managing partner Yann Robard.

PRESS RELEASE

TORONTO, April 19, 2021 – Whitehorse Liquidity Partners (together with its affiliates, “Whitehorse”), a specialized investment manager focused on providing structured liquidity solutions to the alternative asset class, held a successful final close for Whitehorse Liquidity Partners Fund IV (“Fund IV”) at its US$4.0 billion hard cap. This is in excess of its US$3.0 billion target and double Whitehorse’s US$2.0 billion Fund III, which closed in October 2019.

“We are delighted to announce the final closing of our oversubscribed Fund IV. In a year that challenged us all, we are grateful for how our investors adapted to a virtual world. We are also proud of how the Whitehorse team mobilized from a fundraising, deal doing and team building perspective” says Yann Robard, Managing Partner of Whitehorse.

With the closing of Fund IV, Whitehorse has now raised over US$7.5 billion in commitments, deployed over US$6.3 billion across over 75 transactions and grown to 85 professionals since inception in 2015.

Yann Robard added, “Our unique approach has enabled us to help create a sizeable and growing market opportunity, one that we believe we are just beginning to explore. We believe that as private markets continue to grow, so will the demand for our unique structuring solutions. Our constant focus on innovation has been well received and adopted by the market as evidenced with 2020 being our largest year ever from a capital raise, deployment and team growth perspective. Over the past year, we successfully shifted to a virtual fundraise, deployed capital in turbulent markets when fear was the highest and continued to grow our team. In fact, during a year where many halted hiring, we did not. We remained steadfast in our focus to scale successfully, focusing on culture and diversity.”

With regards to the fundraise, Michael Gubbels, a Partner at Whitehorse said, “We remain very thankful to our limited partners for the support we received in an environment that required us all to adapt and remain flexible. Whitehorse welcomed a total of 112 investors into Fund IV comprised of leading insurance companies, public and corporate pension plans, family offices, financial institutions and individual investors. Our investors enabled us to stay capitalized as we addressed the existing market opportunity.”

With regards to deployment, Giorgio Riva, a Partner at Whitehorse said, “As we raised capital, we also maintained our focus on deployment. Whitehorse deployed US$3.0 billion (pre-syndication) in 2020 making it our largest deployment year ever. We chose to invest through the crisis with conviction and fortitude. In hindsight, we believe it was the right call.”

With regards to market opportunity, Rob Gavin, a Partner at Whitehorse said, “Our fund sizes have grown in parallel with the growth of the market opportunity. We continue to provide liquidity to investors in an otherwise illiquid asset class. We believe that the combination of a growing private equity asset class, increasing appetite to actively manage private equity portfolios and our innovative structures have created strong tailwinds to our opportunity set.”

With regards to team growth, Leah Boyd, a Partner at Whitehorse said, “Over the past year, we have more than doubled the size of our firm. We remained committed to scaling the business successfully alongside the market opportunity. We did so while continuing to add diverse talent to our team and remaining focused on cultivating a culture of partnership, integrity and performance.”

Kirkland & Ellis LLP and Goodmans LLP served as legal counsel for Whitehorse and Fund IV.

About Whitehorse Liquidity Partners
Whitehorse Liquidity Partners, formed in 2015, is a private equity firm focused on providing structured liquidity solutions to the alternative asset class. Whitehorse has identified what it believes to be a significant and untapped market opportunity in the utilization of structured products to generate liquidity on private equity portfolios. Since inception, Whitehorse has raised over US$7.5 billion in commitments and has deployed over US$6.3 billion across over 75 transactions. For more information, please visit www.whitehorseliquidity.com.