Waud Capital Partners Raises $1.05B for Fourth Middle-Market PE Fund

Feb 23 2016 | 7:38pm ET

Waud Capital Partners has raised $1.05 billion for its fourth private equity fund, hitting the vehicle’s hard cap and far eclipsing its original $750 million fundraising target.

The committed capital for the heavily oversubscribed Waud Capital Partners IV includes $900 million from limited partners and $156 million from the general partner and its affiliates, according to the company. 

Nearly all of the company’s existing investors re-upped for the new fund, according to Reeve Waud, founder and managing partner of Waud Capital. Counted among limited partners are domestic and international pension funds, including the New York State Teachers' Retirement System and El Paso Firemen & Policemen Pension Fund, as well as endowments, foundations, sovereign wealth funds, insurance companies, asset managers, family offices and individuals.

“We are pleased that nearly all of our existing investors chose to partner with us again in WCP IV, and we are also honored by the number and quality of investors that are joining us for the first time,” said Reeve Waud, Founder and Managing Partner of Waud Capital. “Raising WCP IV in 12 weeks from the formal launch is a testament to the results we have delivered for our investors since WCP’s founding in 1993.”

The fund will reportedly make equity investments of $50-$100 million in the North American health-care, business and technology services industries. Waud closed its third fund at $487 million in 2011, its second in 2005 at $272 million, and its first in 1999 for $115 million. 

Founded in 1993 by Waud, a former executive at Salomon Brothers, Chicago-based Waud Capital Partners employs a disciplined three-phase investment strategy with staged investments designed to generate superior risk-adjusted returns. Since inception, the company has made more than 185 investments.

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