Waterland Private Equity Investments said it closed its sixth institutional fund at 1.55 billion euro (US$1.65 billion) just three months after its initial launch.
The fund, which includes Waterland Private Equity VI at 1.25 billion euro and WPEF VI Overflow Fund at 300 million euro, was oversubscribed following strong support from existing and new investors, the European firm said Thursday.
The fundraising attracted commitments from world-class institutional investors from Europe, the US, each accounting for 40% of the total funds raised. Investors from the Middle East and Asia Pacific accounted for 10% each. Pension plans represent the largest proportion of the investor base, says Waterland.
WPEF VI expects to make control investments in medium-sized quality companies in fragmented growth markets within its target region consisting of Belgium, Luxembourg, the Netherlands, Germany, Austria, Switzerland, and Poland. This is a continuation of the successful buy-and-build investment strategy applied to the firm’s prior funds over the last 15 years. Waterland can deploy the Overflow Fund in situations where WPEF VI reaches its concentration limits.
“We are very pleased with the quality and diversity of the investors and are looking forward to make investments with our sixth fund, for which we see many attractive opportunities in our target region,” says Frank Vlayen, managing principal.
MVision Private Equity Advisers acted as strategic fundraising adviser and Clifford Chance as legal counsel.
