Warren Equity Partners Manager LP has closed its third fund at a hard cap of $673 million, beating its $550 million target. WEP III’s limited partners include university endowments, pension funds, fund of funds, private foundations and family offices. Eaton Partners and Aqueduct Capital were the placement agents while Kirkland & Ellis LLP provided legal counsel. WEP invests in the lower middle-market.
JACKSONVILLE, Fla. & NEW YORK–(BUSINESS WIRE)–Warren Equity Partners Manager, L.P. (“WEP” or the “Firm”) announced the final close of its private equity investment fund, Warren Equity Partners Fund III, LP and Warren Equity Partners Fund III-A, LP (collectively, “WEP III”) at $673 million. WEP III closed on its hard cap, exceeding its initial target of $550 million, and was fully committed in less than two months of fundraising. The oversubscribed fund includes commitments from a diverse group of new and returning investors including university endowments, pension funds, fund of funds, private foundations, and family offices.
Founded in mid-2015 by Steven Wacaster, Scott Bruckmann, and Henrik Dahlback, WEP invests in the form of buyouts and recapitalizations in established North American companies with a focus on businesses that maintain, operate, and upgrade infrastructure. The Firm currently manages $1.2 billion and has completed 48 transactions, including the acquisition of 14 platform companies, since inception.
“We are grateful for the support we received from our existing limited partners, as well as strong demand from new investors for WEP III,” said Steven Wacaster, Co-Founder and Managing Partner. “As a continuation of the strategy we executed in prior funds, WEP III will focus on investing in companies providing critical infrastructure solutions and partnering with talented management teams to build great companies.”
WEP targets companies in the lower middle market and utilizes its in-house operations group to drive improvements and prepare companies for growth.
“We are proud of the team we have built at the Firm and the strong partnerships we have formed with the management teams of our companies,” said Scott Bruckmann, Co-Founder and Partner. “We will continue to develop and deploy our unique operating system to drive value for our investors and the employees of our portfolio companies.”
WEP III has completed two platform investments to date, including ADB Companies, a turnkey provider of telecom and utility infrastructure solutions, and Magnolia River, a provider of technology-enabled, underground infrastructure inspection services.
Eaton Partners and Aqueduct Capital served as the placement agents for WEP III, and Kirkland & Ellis LLP provided legal counsel.
About Warren Equity Partners
Warren Equity Partners is a private equity firm that invests in the lower middle market primarily in North America. The firm invests in established companies where additional capital and operating resources can accelerate growth, targeting companies in the industrial, infrastructure, and business services sectors. Warren Equity invests in the form of buyouts, growth equity, and recapitalizations. For more information, please visit www.warrenequity.com.