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JW Childs to restructure 2002-vintage Fund III as LPs look to cash out

18 Mar 2014

exit sign_sqThe majority of LPs in JW Childs Associates’ third fund have reportedly agreed to a restructuring which will see the remaining five portfolio companies transferred to a newly-capitalised vehicle.

Goldman Sachs and the Canada Pension Plan Investment Board have bought the $1bn-valued assets out of Fund III according to peHUB, which said most LPs had chosen to cash out of their fund positions.

Bloomberg revealed last November that JW Childs was considering giving investors in the 2002-vintage fund the option to cash out.

It said the firm had hired placement agent Park Hill Group to advise on a structured deal for JW Childs Equity Partners III, which was generating a return multiple of 1.4 times 12 months ago according to Castle Private Equity.

JW Childs scrapped plans to raise a new fund in 2007, five years after closing its third fund on $1.75bn, the report added.

Last year JW Childs hired Jeffrey Miller from New York investment bank Sawaya Segalas as a vice president and made a series of promotions, which was seen as a sign that it could soon be back in the fundraising market.

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