Wilshire closes Fund VIII on $615m

The US fund of funds has exceeded its $600m target for a fund which will invest in buyout, venture capital and distressed private equity funds.

Wilshire Private Markets, a California-headquartered fund of funds, has closed its eighth fund above target on $615 million but below its predecessor.

Fund VIII, which had a target of $600 million, will invest in buyout, venture capital and distressed private equity funds, following the same strategy as the firm’s last fund, Wilshire Private Markets Fund VII, which closed on $660 million in 2006.

“We believe this will prove to be an excellent vintage for new private equity investments,” Daniel Allen, a senior managing director of consulting firm parent Wilshire Associates, said in a statement.

Unnamed new and returning institutional investors from the US, Europe and Asia participated in the latest fundraise. Past known investors include the California Public Employees’ Retirement System, Australia's Department of Treasury and Pennsylvania State University, according to sister data service PE Connect.

“Our investment approach is to partner with leading private equity managers who can consistently exploit market inefficiencies and potentially generate outsized returns,” Jeff Ennis, a senior managing director of Wilshire Associates and chief investment officer of the fund of funds, said in a statement.

Wilshire Private Markets has been in operation for over 20 years and now has around $6 billion under management from five offices worldwide.