WCAS raises $4.3bn

The New York-based investment firm held a final closing of its thirteenth healthcare technology fund.

Welsh, Carson, Anderson & Stowe held a final closing of WCAS XIII at $4.3 billion, exceeding its $3.5 billion target. The fund surpasses its predecessor, WCAS XII, which closed in June 2016 at $3.33 billion.

Capital raised by the fund will be used to invest in healthcare and technology companies throughout the United States. The vehicle received commitments from several institutions including New York City Employees’ Retirement System, Minnesota State Board of Investment, California Public Employees’ Retirement System (CalPERS) and California State Teachers’ Retirement System (CalSTRS).

Founded in 1979, the firm has invested in over 85 healthcare companies and 100 technology companies. WCAS has managed a total of $27 billion in assets across all funds launched throughout its 40-year history.