WestView closes over-subscribed second fund

The US mid-market firm beat its $300m target for WestView Capital II.

WestView Capital Management, a Boston-based firm that invests in the US lower mid-market, has closed its second fund on $325 million. The firm had launched the fundraising with a target of $300 million, it said in a statement.

“This is a great time to be a value-oriented growth investor in private companies,” said managing partner and co-founder of the firm Richard Williams, citing a “particularly attractive environment” for mid-market investing.

Investors in the fund's $195 million predecessor included AIG Private Equity, the Switzerland-listed fund of funds, and the Hospitals of Ontario Pension Plan. The Massachusetts Pension Reserves Investment Management Board has committed $25 million to Fund II.

WestView typically writes equity cheques of between $5 million and $30 million to invest in companies for recapitalizations, growth plays, buyouts and consolidation transactions.

The firm was founded in 2004 by 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.

Probitas Partners acted as placement agent for the fundraising and Wilmer Hale served as legal counsel.