Warburg Pincus holds $8.3bn first close for Fund IX, reaches half of target size


Global buyout giant Warburg Pincus collected at least $8.3bn in a February first close for its latest flagship fund, representing over half of the target fund size.

The next close is scheduled for May 2, with additional closes expected throughout the year, according to a Private Equity International report quoting documents prepared for New Hampshire Retirement System’s investment committee meeting last week.

The NFRS trustees were said to have approved a $50m commitment in its March 18 meeting despite one trustee questioned whether the large pot of capital could be difficult to deploy given the frothiness in the growth space, particularly in technology.

Jim Neary, co-head of US private equity at WP, responded in the meeting that there were still well-priced opportunities, especially in the healthcare sector.

Warburg Pincus Global Growth 14 is targeting $16bn, and if successful would be 6.3% bigger than its predecessor. WP closed Fund 13 on $15.05bn, beating its $13.5bn target.

The vehicle will also have a $1.1bn GP commitment, according to the Callan documents, and the Louisiana State Employees’ Retirement System has also committed up to $100m.

It is already 5% invested through a $203m investment in tech-enabled construction management firm TRC companies and $270m in T-Mobile Netherlands.

WP had completed a few deals last month. It made one of the largest investment in HRTech in LatAm by leading a $100m series B round in Brazilian human resources startup Solides.

It also bought patent search provider Minesoft alongside information services and software platform MLM 2, which the firm helped launch two years ago.

The firm also partnered with Abu Dhabi-based investment firm Mubadala to acquire Pharma Intelligence from London-listed Informa last month.

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