Warburg Downsizing For New Fund?

Firm: Warburg Pincus

Fund: Warburg Pincus Private Equity Fund XI

Target: $12 billion

Private equity firm Warburg Pincus is preparing to raise a new buyout fund, sister news service Reuters reported, citing a story by Bloomberg.

The New York-based firm has discussed the plan with clients after investing more than 80 percent of its current $15 billion pool, raised in 2008, Bloomberg said, citing two people familiar with the matter.

Warburg Pincus had initially targeted $12 billion for its current fund, the news agency said.

Warburg Pincus did not immediately respond to requests by Reuters seeking comment on the report.

Sources told Reuters that the buyout firm was looking to sell Camp Systems International, a software provider for business aircraft that could fetch $500-$600 million.

In June, Warburg Pincus sold its stake in Telcordia to mobile network gear maker Ericsson in a deal valuing the telecommunications company at about $1.15 billion.

(Renju Jose is a correspondent for Reuters in Bangalore.)