Industry Updates

Wells Fargo sells private equity stakes

Friday, September 29, 2023

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Opalesque Industry Update - Wells Fargo & Company announced today that it has sold to a group of leading investors approximately $2 billion of private equity investments in certain Norwest Equity Partners (NEP) and Norwest Mezzanine Partners (NMP) funds. Wells Fargo was previously the sole institutional limited partner in these funds. The buyer group for Wells Fargo's positions included AlpInvest Partners (a subsidiary of Carlyle), Atalaya Capital Management, Lexington Partners, and Pantheon.

"With this transaction, we are continuing with our strategic efforts to focus on Wells Fargo's core businesses and customers," said Wells Fargo Chief Financial Officer Mike Santomassimo.

"We are incredibly grateful to Wells Fargo for their long-term partnership and continued support," said Tim DeVries, NEP Managing Partner.

Lazard Ltd served as financial advisor to Wells Fargo in connection with the transaction.

Separately, Wells Fargo will continue its relationship and investments with Norwest Venture Partners, a venture capital and growth equity investment firm.

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