Waterland nears €1.1bn final close on fifth fund

The Rob Thielen-led firm launched its fifth fund several months ago and is expected to close the vehicle this month.

Waterland Private Equity has stopped marketing on its fifth fund and is expected to close the vehicle on €1.1 billion, possibly later this month, sources told Private Equity International.

The firm has only been in the market for several months and managed to attract a combination of new and existing limited partners, according to a person with knowledge of the fundraising.

Waterland declined to comment. MVision is working as placement agent for the fundraising and also declined to comment.

The firm, headed by Rob Thielen, managing principal, makes control investments in mid-sized companies in Belgium, Germany, Luxembourg and the Netherlands. Waterland targets outsourcing and efficiency, aging populations, leisure and luxury and sustainability.

In 2008, for example, the firm acquired a controlling stake in Munich-based GolfRange, with plans to make golf more widely accessible and affordable in Germany by providing courses in densely populated areas.

The firm has gradually increased the sizes of its funds since raising €50 million for its debut vehicle in 2001. Waterland closed on €170 million for Fund II in 2004, €400 million for its third fund in 2006 and €800 million for its fourth fund in 2008.