W Capital hits $518m on Fund III

W Capital Partners is more than two-thirds of the way to meeting its $750m target, according to two SEC documents.

W Capital Partners has raised at least $518 million for its third flagship fund, according to a pair of US Securities and Exchange commission documents filed Tuesday.

The firm is targeting $750 million for W Capital Partners III, which began fundraising last year. Credit Suisse is listed as a placement agent on the fund. 

W Capital typically invests in direct secondaries – acquiring its portfolio companies from other private equity firms, financial institutions and corporations, according to its website. The firm’s transaction sizes usually range from $10 million and $250 million. 

Investment committee meeting minutes released by the New Mexico Educational Retirement Board earlier this year indicate that Fund III will take particular interest in investments in technology-related sectors. 

To date, Fund III LPs include New Mexico ERB and the University of California Regents Endowment Fund, according to data provider Private Equity Connect. 

The firm’s previous vehicle, a $706 million 2007 vintage, was generating a 17.4 percent net internal rate of return and 1.5x investment multiple as of 30 June, according to California Public Employees’ Retirement System documents. 

Robert Migliorino, David Wachter and Stephen Wertheimer founded W Capital in 2001. The New York-based firm has raised more than $1 billion in committed capital since its launch.