WestView Capital Partners is seeking $1 billion for its fifth fund, which will focus on lower-mid-market business services, IT services, healthcare IT and software companies.
Many GPs returned to market at fast speeds with larger targets in the past few years. WestView Capital took a more measured response as its fourth fund closed in 2017 on $700 million.
The $1 billion target for WestView Capital’s fifth fund was included in a packet for Massachusetts Pension Reserves Investment Management Board’s meeting on December 1. MassPRIM approved a $125 million commitment to the fifth fund at the meeting.
Buyouts listened to a broadcast of this meeting.
MassPRIM has invested in three prior WestView funds since 2009, according to board documents.
MassPRIM said WestView Capital’s portfolio companies tend to generate higher earnings growth than public equities.
Boston-based WestView Capital recently exited Abacus Group, which provides IT services for hedge funds, private equity and venture capital managers, and family office clients, according to a press release on its website.
The manager recently made investments in Dark Horse Consultancy Group, which provides services to the cell and gene therapy industry, and Summit 7, which offers cybersecurity and compliance services for the aerospace and defense industries, according to WestView Capital.
Alaska Permanent Fund also invested in WestView Capital IV.
WestView Capital was founded in 2004 by Carlo von Schroeter and Rick Williams. Von Schroeter previously was a general partner at Weston Presidio while Williams was a partner at Tudor Investment Corporation.
According to MassPRIM, WestView Capital manages $1.7 billion in assets.
The manager did not return a request seeking comment.