Chicago mid market-focused private equity firm Waud Capital Partners has closed its third fund on $463, smashing its target by over $100m.
The firm began fundraising in May 2010 with a target of $350m, but increased the ceiling to $463m following strong demand. The majority of Waud’s existing LPs reinvested in the vehicle, while a number of new pension funds, foundations and family offices also made commitments.
The firm also said that its partners made a “significant” personal commitment to the fund, in line with growing demand among private equity LPs for fund managers to commit substantial portions of their own capital to their funds.
Waud Capital Partners III is to make investments of $20m to $100m in companies operating in the healthcare services, business and consumer services, distribution and industrial sectors.
The firm’s last fund closed in 2005 on $315m, and has notched up nine consecutive quarterly write-ups.
“We are fortunate to have identified a number of attractive markets and have built several industry-leading companies,” said Waud partner Matt Clary.
Established in 1993 by Reeve Waud, formerly of Chicago buy-out house GTCR, Waud Capital has around $1bn under management and has completed over 100 acquisitions, and targets investments in companies with enterprise values of between $30m and $300m.
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