Warburg Pincus has held a first close on $9 billion for its tenth private equity fund, according to a source familiar with the matter. Warburg Pincus Private Equity X is targeting a final close on $12 billion, the source said.
The fund has locked down commitments from several large public pension plans, including $250 million from the Teachers’ Retirement System of the State of Illinois, $750 million from the Washington State Investment Board, $425 million from the Oregon Public Employees’ Retirement Fund and $400 million from the New Jersey State Investment Council, according to Pensions & Investments.
Warburg Pincus closed its ninth private equity fund on $8 billion in August 2005. Last year the firm raised $1.2 billion for its first real estate fund.
The firm is already among the largest private equity firms in the world. Warburg Pincus recently ranked 14th on the PEI 50, a league table created by sister publication Private Equity International. According to the PEI 50, Warburg Pincus had raised roughly $13.3 billion since 2002 for direct private equity investments.
The firm is led by co-presidents Charles Kaye and Joseph Landy. Warburg Pincus has additional offices in San Francisco, Beijing, Shanghai, Hong Kong, Mumbai, Tokyo, London and Frankfurt.