Wellington Financial Announces 2nd Closing for Fund IV
TORONTO AND SANTA MONICA, CA, Jan. 14, 2013
One of North America's largest recent equity raises for a venture debt fund
TORONTO AND SANTA MONICA, CA, Jan. 14, 2013 /PRNewswire/ - Wellington
Financial LP, a privately-held specialty finance firm providing growth capital
to U.S. and Canadian-based companies, announced today the second closing of
Wellington Financial Fund IV.
Wellington's 2006-vintage Fund III was capitalized with $150 million of
re-circulating institutional equity commitments. That fund led over $300
million of financings via 52 loans over its life. Fund III limited partners
earned a profit in every fiscal quarter during that six- year period, enjoying
a GAAP internal rate of return in excess of 9.0%, net of all fees and
expenses. On September 5, 2012, Wellington announced that the first close of
Fund IV had attracted $177.5 million of re-circulating equity commitments from
leading Canadian institutional investors, pension plans and family offices.
The new Fund IV has now raised $190 million of re-circulating equity via the
addition of both a new institution and family office. "Our firm received
tremendous support from the institutional limited partner universe in 2012,"
said Mark McQueen, Wellington Financial's President and Chief Executive
Officer. "We led $78 million of transactions last year, a majority of which
were for U.S.-based, venture capital-backed innovation companies. Since we
began doing business in the U.S. in late 2009, our capital has helped American
entrepreneurs preserve and/or create more than 3,700 U.S. jobs."
Portfolio company exits in 2012 included BelAir Networks (acquired by
Ericsson), Clairmail (acquired by Monitise plc), Ember (acquired by Silicon
Labs) and Pivot (acquired by CME Group).
"Wellington's impressive track record speaks to the market opportunity that we
satisfy as well as the consistently attractive returns earned by our LPs over
the past 12 consecutive years across three different funds," added Ken Rotman,
Wellington Financial LP has earned its LPs top quartile 3-, 5- and 10-year
absolute and risk-adjusted returns since the firm's inception in 2000. Fund
IV will continue to follow the same proven business model by financing private
and public companies with a demonstrated customer following, talented
management, proven growth opportunities and committed institutional investors.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing
term, venture and amortizing loans up to $30 million. Wellington Financial LP
is currently managing a $600 million investment program with offices in
Toronto, Canada, and Santa Monica, California. Wellington Financial LP is
managed by a partnership controlled by fund management and Clairvest Group
Inc. (TSX: CVG), who jointly have contributed a large financial stake to the
Fund. LPs include several of Canada's largest institutional investors, pension
funds, family offices and crown corporations. Please visit the fund website at
www.wellingtonfund.com, or the Wellington Financial team blog at
SOURCE Wellington Financial LP
Wellington Financial LP
Tel: (416) 682-6007
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