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Wellspring closes fifth fund on $1.2bn

3 Nov 2010

New York private equity firm Wellspring Capital Management has closed its largest fund to date.

The firm closed Fund V on $1.2bn, beating out its previous fund, raised in 2005, by $200m, with commitments from institutional investors in North America, Europe, Australia and Japan.

The firm is to target investments in mid-market companies, claiming the flexibility to complete transactions ranging from $50m to $2bn.

Wellspring partner Greg Feldman said, “We are delighted by the investment community’s response to our fifth fund in a very challenging fundraising environment. This accomplishment is testament not only to our superior investment performance over the past 16 years, but to the exceptional relationships we have built with long-time limited partners, as well as institutions that are entrusting us with their capital for the first time.

“During the coming years, we and our management teams will continue our focus on delivering the best-in-class performance that has driven Wellspring’s growth and success,” he added.

The firm recently sold North American family entertainment chain Dave & Buster’s to Oak Hill Capital Management for $570m.

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