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Laxman Pai, Opalesque Asia: Private-equity investor Welsh Carson Anderson & Stowe has closed the largest fund in its four-decade history, collecting $4.3bn for its flagship investment vehicle.
The fund, WCAS XIII, exceeded its $3.5bn fundraising target and was oversubscribed. Welsh, Carson, Anderson & Stowe committed more than $700 million to the fund.
The New York-based firm said in a press release that the fund invests exclusively in health-care and technology companies, primarily based in the United States.
Approximately 95% of the fund's commitments were from existing limited partners, with about $700m committed by new investors. The six largest investors in WCAS XIII increased their commitments by 25% from the prior fund in the series, the news release said.
Investors in the fund include the $236.9bn California State Teachers' Retirement System, West Sacramento; $34bn Connecticut Retirement Plans & Trust Funds, Hartford; and $97.1bn Minnesota State Board of Investment, St. Paul.
Since the Firm's founding, WCAS has raised over $27bn of committed capital and has invested in over 85 healthcare and 100 technology companies.
In investing WCAS XIII, WCAS will seek to partner with proven management teams to acquire growing companies and drive value through operating improvements as well as organic and strategic M&A growth initiatives.
WCAS President and Managing Partner Anthony J. de Nicola, said: "This new fund will pursue our long-e...................... To view our full article Click here
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