Wind Point raises $827m, ups hard-cap for Fund VIII

The Chicago-based firm increased its hard-cap to $950m from $750m for Wind Point Partners VIII due to higher deal flow.

Wind Point Partners has raised $827 million for its latest fund, Wind Point Partners VIII, according to several filings with the Securities and Exchange Commission from Friday.

The mid-market firm has also increased its hard-cap to $950 million from $750 million, “because deal flow the firm is seeing warranted additional capacity”, according to a person familiar with the matter.

The firm launched the fund, Wind Point Partners VIII A and B, which is split into two vehicles, in March 2016 with an initial $500 million. 

Chicago-based Wind Point held a first close on the fund in November on $435 million, according to two separate US Securities and Exchange Commission filings from that month. The source familiar with the matter added that the firm anticipates a final close within 30 to 60 days.

The most recent filings also indicate that the amount raised so far include the GP commitment. 

New York-based Moelis & Company is acting as the placement agent for the eighth fund. Moelis declined to comment. Wind Point was not immediately available to comment.

Investors in the eighth fund include the State of Wisconsin Investment Board and PPM America Capital Partners.

Wind Point makes equity investments of $30 million to $70 million in companies with an enterprise value of between $100 million and $500 million. It focuses on low-technology businesses in the US Midwest at all stages of development, including early-stage, consolidations, leveraged buyouts and recapitalisations. Sectors targeted by Wind Point include business-to-business services, specialty retail and industrial manufacturing.

The eighth fund's predecessor, Wind Point Partners VII, raised $915 million, missing its $1 billion target, in 2009, according to PEI data. Investors in the seventh fund include Michigan Department of Treasury, State of Wisconsin Investment Board, Alaska Permanent Fund Maryland State Retirement and Pension System. Wind Point manages $2.8 billion in assets, according to PEI data.