WestView Capital preps Fund III

The Boston-based lower mid-market investor has been pre-marketing its third fund and will likely have a ‘one and done’ fundraising as existing LPs leave little room for new capital.

In the era of challenging fundraises, a select few firms have stood out for the ease with which they hit and even exceeded their targets.

KPS Capital Partners, for example, this month announced a final close of its Fund IV on its $3.5 billion hard-cap after being in the market for less than three months. Marlin Equity Partners also is expected to have a quick fundraising.

Add WestView Capital Partners to that list. The firm has been talking to its limited partners over at least the past month about its third fund, with a target in the range of $450 million to $475 million, according to two market sources.

The fund already has demand enough to meet that target range, leaving very little space for new capital, one of the sources, who is interested in getting access to the fund, said.

Hard details of the firm’s past performance were not available as of press time, but the two sources said WestView has been a top performer, which is driving demand from LPs for access into Fund III. WestView did not return several requests for comment.

WestView closed its second fund on $325 million in 2009, over its initial target of $300 million. The firm was founded in 2004 by Richard Williams, a former partner in Tudor Investment Corporation’s private equity group, and Carlo von Schroeter, a former general partner at growth investor Weston Presidio. The firm’s debut fund closed on $195 million.

Probitas Partners worked as placement agent for the second vehicle’s fundraising, but it’s not clear if the firm is using a placement agent for Fund III. However, one source said the marketing period for the third fund will likely be “one and done”, and not really much of a fundraising as most of the fund will be taken up by existing investors.