Wilton Asset Management, a joint venture between State Street Global Advisors and DuPont Capital Management Corporation, has closed its Wilton Private Equity Fund with $241 million in commitments, just under $60 million short of its original $300 million target. The fund has an international investor base of public and corporate pension plans, foundations and high net worth individuals from the US, UK, Canada, and Switzerland.
Wilton Private Equity Fund will invest predominantly in North America, but 25 per cent of the capital has been set aside for investments outside this region with a particular focus on Europe. Scott Gregory, senior principal at State Street Global Advisors and vice president of Wilton Asset Management, said Europe was a very attractive area for investments given that the European economy is performing better than the US in the current climate. He cited the tax law changes in Germany as another motivation for targeting European deals.
The objective of the fund is to provide investors with superior returns by investing a diversified portfolio of private equity assets. The fund will invest in closed-end private equity partnerships targeting leveraged buyouts, growth financings, venture capital and special situations. Since its first closing last February the fund has committed over $56 million to four private equity partnerships and one direct investment.
Gregory said: “We are very pleased with investment progress as well as our investor base, particularly the fact that we have participants from the UK, Switzerland and Canada given that last year was not the better year for fund raising.”
DuPont Capital Management manages assets of $20.8 billion for the DuPont Pension Fund, affiliates, and third parties and has approximately $3 billion committed to private investments. State Street Global Advisors manages $663 billion in investment programmes and portfolios for institutional and individual investors.