Waud Capital closes fourth fund on over $1bn

Waud Capital Partners IV closed on $1.056bn, beating its $750m target after 3 months of fundraising.

Waud Capital Partners has held a final close of Waud Capital Partners (WCP) IV on its $1.056 billion hard-cap, above the original target of $750 million, the firm said.

The total amount of capital raised reflects $900 million of limited partners’ commitments and $156 million from the general partner and its affiliates, the firm said.

“Nearly all” of the firm’s returning investors committed to WCP IV, according to Waud Capital founder and managing partner Reeve Waud. He added that the fund was in the market for just three months after the formal launch.

The firm said the fund’s investor base includes domestic and international pension funds, endowments, foundations, sovereign wealth funds, insurance companies, asset managers, family offices and individuals.

New York State Teachers’ Retirement System committed $75 million to WCP IV, according to reports, and El Paso Firemen & Policemen’s Pension Fund committed $9 million, according to its 16 September meeting agenda.

Its previous fund, WCP III, closed in April 2011 on $463 million, above its $350 million target, according to PEI’s Research & Analytics division. Its investors include the Arizona State Retirement System, which committed $450 million, El Paso Firemen & Policemen’s Pension Fund, which committed $3 million, NYSTRS, Danish pension fund Industriens Pension, Producer-Writers Guild of America Pension Plan, Michigan Laborers Pension Fund and New York State Teamsters Conference Pension and Retirement Fund, according to PEI Research.

Waud seeks investments of between $50 million and $100 million in total equity in the lower mid-market healthcare, business and technology services sectors.

Kirkland & Ellis was the legal advisor for the fund. It did not specify a placement agent in its November filing with the US Securities and Exchange Commission.