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Neuberger Berman leads Wind Point Fund VI revamp

  • Fund VI closed on $700 mln in 2005
  • Total deal valued at about $175 mln
  • Secondaries stay on strong pace

Wind Point Partners completed the recapitalization of its sixth fund, with Neuberger Berman leading the transaction as the buyer, sources told Buyouts.

Wind Point Fund VI closed in 2005 on $700 million and has three remaining portfolio companies, sources said. The transaction had a total value of around $175 million, one of the sources said.

Park Hill Group was secondary adviser, sources said.

Fund VI’s exposure was at the peak of the credit bubble. Performance for Fund VI could not be found.

Wind Point’s most recent Fund VIII closed on $985 million in 2017, the firm said at the time.

Remaining portfolio companies include furniture-component maker Knape & Vogt, which Wind Point acquired in 2006; and RailWorks, an engineering firm for track and transit systems, which the firm bought in 2007.

Chicago-based Wind Point was formed in 1984 and invests in industrial products, consumer products and business services.

Founders include Senior Advisers Rich Kracum and Bob Cummings. The firm is led by Managing Directors Nathan Brown, Paul Peterson, Konrad Salaber, David Stott and Alex Washington.

The management company is principally owned by Brown, Cummings, Kracum, Peterson and Washington, according to Wind Point’s Form ADV.

Wind Point managed about $1.9 billion as of Dec. 31, 2017, the Form ADV said.

Spokespeople for Neuberger Berman and Wind Point declined to comment.

Secondaries remain on pace for another record year of dealmaking. First-half deal volume came in around $32 billion, up 18 percent from the year-earlier period, Evercore said in its volume report. Total volume last year came in at an estimated $54 billion, Evercore said.

GP-led processes like fund recaps hit an estimated $7 billion in the first half, representing a record 26 percent of total secondary volume so far this year, Greenhill Cogent said in its first-half volume report.

Action Item: Check out Wind Point’s Form ADV here: https://bit.ly/2oG7laI