Fund briefs, March 19, 2007

WP Global Nears $400M FoFWP Global Partners plans to close a new fund-of-funds in the next few months between $400 million and $500 million, according to a source familiar with the firm.

The Chicago-based buyout firm, which invests in small and middle markets, expects to invest about 80% of the fund in U.S.-based firms, with the balance going to international funds. WP Global reserves 15% of its capital for co-investments, and occasionally backs venture funds.

WP Global, formed in 2005, invested $350 million from its first fund in Swedish pension fund Första AP-Fonden. The firm has also committed a little more than $200 million to about 30 funds, according to the source. Among them is Fifth Street Capital, which raised $157 million in commitments from limited partners for Fifth Street Mezzanine Partners II in early 2006.

Executives at WP Global declined to comment.

New investment group launchedSusquehanna International Group last week formally launched Susquehanna Growth Equity, a venture and growth capital group that will invest between $50 million and $100 million per year into companies in the software, business services and specialty finance sectors. PE Week reported on the Bala Cynwyd, Penn.-based group last June and that its first senior hire was former TL Ventures principal Amir Goldman.

Last week’s announcement reveals that the team also includes former Natural Gas Partners and EnerTech Capital pro Vincenzo La Ruffa.

The group has already made two investments. The firm in January invested in CashEdge Inc., a provider of financial services; and the firm has also backed 29West, a provider of messaging solutions for financial institutions. —PE Week staff