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Laxman Pai, Opalesque Asia: The asset manager Wellington Management has closed its third late-stage growth fund with $1.8 billion and may have another $400 million available for co-investing in deals.
The fund, Wellington Hadley Harbor III, invests in late-stage companies seeking capital to sustain or accelerate growth before a sale or initial public offering.
The fund is 29% larger than its 2017 predecessor, the $1.4 billion Wellington Hadley Harbor II, according to a press release from the independent investment management firm.
Michael Carmen, CFA, senior managing director, Private Equity lead portfolio manager, and co-head of Private Investments at Wellington, said, "Wellington Hadley Harbor III is designed to take advantage of the greater value creation and capture opportunities available in today's private space as companies stay private for longer and raise more capital prior to a liquidity event like an IPO."
"We believe our ability to invest across sectors leveraging our proprietary deal-sourcing processes and public markets expertise, coupled with the shortened fund life cycle relative to early-stage VC and growth equity, made the Fund an attractive vehicle for investors and makes Wellington attractive to entrepreneurs," Carmen added.
The Fund's global investor base includes public and private pension plans, insurance companies, corporations, and family offices. Investors in the fund include the $1.1 billion Hartford (Conn.) Municipal Employee...................... To view our full article Click here
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