Wellspring targets $1.2bn for latest fund

The mid-market firm closed its predecessor fund, Wellspring Capital Partners V, on $1.2 billion in 2010.

Mid-market private equity Wellspring Capital Management has launched its most recent fund, Wellspring Capital Partners VI, with a $1.2 billion target, according to a regulatory filing with the Securities and Exchange Commission from earlier this week.

The target amount is for the main fund as well as for parallel vehicles, Wellspring Capital Partners VI (Offshore), which is registered in Alberta, Canada, and Wellspring Capital Partners VI (TE), which is registered in the Cayman Islands. 

Wellspring's fifth fund had a 15.1 percent net internal rate of return and a 1.3X investment multiple, as of 30 June, according to data from the California Public Employees' Retirement System.

The filing also indicates that placement agent Probitas is helping with the fundraising of Fund VI and that the minimum investment accepted from outside investors is $10,000.

The Kansas Public Employees Retirement System has already committed $75 million at its November meeting.

The New York-based firm is seeking to raise a similar amount than it did for its predecessor vehicle, Wellspring Capital Partners V, which closed at the end of November 2010 on $1.2 billion.

Wellspring, which was founded in 1995, has $3 billion in assets under management.

Wellspring wasn't available for comment.