Warburg Pincus LLC, the owner of Neiman Marcus Group Inc. and Interactive Data Corp., raised $11.2 billion for its new global private-equity fund, shy of the $12 billion target.
Warburg Pincus Private Equity XI LP, which has been raising money for more than a year, received commitments from pension funds, insurance companies, endowments, foundations and wealthy individuals, with a “significant” number of new investors coming from outside the U.S., according to a statement today from the New York-based firm. The predecessor fund raised $15 billion in 2008, just after the peak of the buyout boom.
Warburg Pincus is among a number of large firms that have raised smaller pools of money following the financial crisis. KKR & Co., also based in New York, is seeking $8 billion, about half the size of its 2006 fund. Competition is fierce as investors are being more selective about their commitments to funds and cutting down on their number of private-equity managers.
Warburg Pincus managed to raise one of the largest funds since the financial crisis. Last month, Silver Lake Management LLC gathered $10.3 billion for its latest fund, above its $7.5 billion target. Advent International Corp., a Boston-based firm that invests in Europe and the U.S., raised 8.5 billion euros ($11 billion) for its latest fund. CVC Capital Partners Ltd. is targeting 9 billion euros for it next buyout pool.
Warburg Pincus invests globally in energy, financial services, healthcare, technology, media and telecommunications, and consumer, industrial and services companies.
Last year, the firm invested more than $2.3 billion in 28 new companies and made follow-on investments in several existing companies. Warburg distributed $6.2 billion to investors and another $3 billion in the first quarter, the firm said.
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