Welsh Carson holds $1.7 bln first close on Fund XII

  • Fund XII targeting $3 bln
  • “Rolling” closes planned for 2015
  • 2009 vintage netting 14.1 pct through June 30

Welsh Carson is seeking $3 billion for Fund XII, Buyouts reported in 2013. The firm officially began fundraising for Welsh, Carson, Anderson & Stowe XII earlier this year.

The New York City-based firm filed multiple Form Ds with the SEC on Dec. 22 indicating it had raised $1.68 billion for the fund. Limited partners include the Town of Greenwich, Connecticut, which committed up to $15 million to the fund in September.

Welsh Carson’s previous fund, a $3.7 billion 2009 vintage, netted a 14.1 percent internal rate of return and 1.4x multiple through June 30, according to the California Public Employees’ Retirement System. Fund XI’s portfolio includes six buyouts, four buy-and-builds, five growth equity investments and two small alpha investments, according to the firm’s website.

Welsh, Carson, Anderson & Stowe was founded in 1979. The firm has raised $15 billion across 11 private equity funds and four subordinated debt funds, according to its website.