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Welsh, Carson closes eleventh fund on $3.7bn

4 Jun 2009

US private equity firm Welsh, Carson, Anderson & Stowe has closed its latest fund, WCAS XI, having raised $3.7bn, according to reports.

The target for the fund, which began marketing in 2007, is not clear. Earlier reports suggest that Welsh, Carson was aiming for $4bn, but more recent reports indicate that the firm exceeded a target of $3.5bn.

Limited partners in the fund reportedly include California Public Employees’ Retirement System, California State Teachers’ Retirement System, Canada Pension Plan, University of Missouri, and the New Jersey Division of Investment.

The firm held a first close on $2.5bn in June 2008 and raised a further $600m in September.

The fund made its first investment in July 2007 with the $56m acquisition of a majority stake in online payroll service PayCom. The vehicle also took a majority stake in GeoDigm, a dental implant products business, in February. Welsh, Carson invested $100m so that the company can implement an acquisition strategy to consolidate the US dental lab industry.

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