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Laxman Pai, Opalesque Asia:

The global growth investor Warburg Pincus announced the first close of its first multi-asset continuation fund transaction, with over $2.2 billion in commitments.

The transaction was co-led and fully capitalized by HarbourVest Partners, Ardian, and Canada Pension Plan Investment Board (CPP Investments), said a press release from the private equity firm headquartered in New York City.

"The lead investors underwrote the entirety of the raise with no required syndication. The fund includes Warburg Pincus portfolio companies that are diversified across geographies and industry sectors," said the release.

This strategic transaction offered the Limited Partners optionality, either locking in strong returns and eliminating future market and business risk through this sale, or rolling into the Continuation Fund to maintain asset exposure and potential future upside, it noted.

Additionally, the transaction provides the portfolio companies with incremental time and capital to pursue additional valuation creation initiatives under the continued stewardship of Warburg Pincus and with ongoing relationship consistency for management teams, the company said.

"Our focus is on driving value and realizing attractive returns for our investors through active portfolio and risk management, including developing creative and flexible paths to liquidity. It is this mindset and approach that has allowed us to be a net provider of capital back to our inve......................

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