The deal marks a fast turnaround for WCAS, which only bought into the business in 2011 by picking up a majority stake from General Atlantic.
GlobalCollect had gross revenues of €305m last year and adjusted EBITDA of €50m.
The company specialises in cross-border e-commerce and acts as a hub for other payment providers in 170 countries.
A final close for the deal is expected by early in the last quarter of 2014.
New York-based Welsh Carson Anderson & Stowe is reportedly looking to raise $3bn for its next fund.
The firm was expected to hold a first close for WCAS XII this month according to a peHub report last December.
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