Raised over double the initial target, reflecting strong investor support of the firm’s highly differentiated hybrid capital fund strategy

NEW YORK, Sept. 4, 2024 /PRNewswire/ — Warburg Pincus, a leading global growth investor, today announced the close of its Capital Solutions Founders Fund (“WPCS FF”), with total commitments to the fund of over $4.0 billion.  The fund is dedicated to pursuing thesis-based investing opportunities in curated structured transactions, capitalizing on the firm’s nearly two-decade track record of structured investing. Leveraging Warburg Pincus’ collaborative one-firm model, Capital Solutions professionals work closely with domain experts across Warburg Pincus’ core sectors and geographies to source and execute structured, value additive transactions.

Launched in 2023, WPCS FF closed on over $4.0 billion of capital, significantly exceeding its initial target of $2.0 billion. Despite a challenging fundraising environment, the fund was met with strong support from leading world-class investors. WPCS FF follows the success of the firm’s global flagship fund, Warburg Pincus Global Growth 14, which closed with $17.3 billion, also exceeding its initial target fund size of $16 billion.

“We are thrilled with the successful close of our first Capital Solutions focused fund and are deeply appreciative of the support of top-tier investors that partnered with us in this raise. We are confident our Capital Solutions strategy will generate attractive opportunities while positioning our investors well across various market cycles,” said Jeffrey Perlman, CEO, Warburg Pincus. “Our Capital Solutions offering looks to capitalize on the large and growing pipeline of structured investment opportunities, resulting in high-quality transactions with attractive, risk-adjusted return profiles. We look forward to continuing to offer differentiated strategies while remaining disciplined and focused on our investor first approach.”

The Capital Solutions group is responsible for the firm’s structured investment opportunities, offering a flexible and solutions-oriented approach to provide debt or equity for balance sheet optimization, shareholder liquidity, M&A, and growth. The group collaborates with domain experts across Warburg Pincus’ core sectors, geographies, and stages to continue prospecting efforts on structured transactions.

“Our Capital Solutions effort allows us to leverage Warburg Pincus’ exceptional sector expertise and sourcing network, coupled with the deep structured capital and credit underwriting experience of the Capital Solutions team.  Our one-firm approach to Capital Solutions allows us to capitalize on a wide range of opportunities across the firm, creating a truly differentiated franchise,” said Dan Zilberman, Global Head of Capital Solutions and Global Co-Head of Financial Services, Warburg Pincus. “The launch of WPCS FF and its successful fundraise reflects the firm’s expanded capabilities as we continue to partner with management teams to deliver solutions that meet their complex and sophisticated needs,” added Gaurav Seth, Head of Capital Solutions, Americas, Warburg Pincus.

The global Capital Solutions team is comprised of five seasoned Managing Directors, with an average of 20+ years of investing experience, as well as a large, dedicated team of investment professionals and senior advisors. The team collaborates closely with the firm’s 270+ investment professionals and 40+ value creation executives across Warburg Pincus’ global industry verticals, critical to sourcing and underwriting differentiated, attractive investments for the fund.

In addition to a long and successful track record of investing in capital solutions like transactions historically, the Warburg Pincus Capital Solutions Founders Fund portfolio consists of investments including, DriveCentric, Excelitas, Nord Security, Service Compression, and MIAX.

About Warburg Pincus

Warburg Pincus LLC is the oldest private equity firm and a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.  For more information, please visit www.warburgpincus.com. Follow us on LinkedIn.

Contact

Kerrie Cohen | Managing Director, Global Head of Communications & Marketing
kerrie.cohen@warburgpincus.com

I am proud to share our latest and largest fundraise. Today, we are committing $1.3bn to Europe’s most ambitious founders through Balderton’s Early Stage Fund IX and Growth Fund II. 

Reflecting on Europe’s tech journey

When I joined Balderton in 2008, the European tech ecosystem was still quite nascent, and there had not been many successes at scale. I’d spent the previous 18 years building Business Objects – going from $0 to $1.5bn in revenue, before selling to SAP in what was, back then, the third largest software acquisition of all time. I was eager for a new challenge and to re-invest my time and energy in the European tech ecosystem.

At the time, Balderton had just raised a fund of $480M and we were ready to go. The challenge, much to my surprise, was that we struggled to find companies that we wanted to invest in. In fact, it took us five years to deploy that fund. Back then, fewer people were starting businesses. Fewer still dared to think big and dream beyond the borders of their home country. And many of those that did have the vision and ambition to build global giants opted to do so from the US, where access to capital and the right support was easier.

Today, the landscape is very different. Our ecosystem is thriving, with world-class talent and an established community of entrepreneurs, executives, advisors and directors who have significant startup and scale up experience. More people than ever are starting businesses – and those that do have global ambitions. They are determined to build companies like Spotify or Revolut instead of smaller regional leaders.

This story is reflected in the European VC investment numbers too: In 2008, venture investments in European startups were less than $8bn. In 2023, more than $50bn went into backing Europe’s tech entrepreneurs. And the returns speak for themselves, with European VC funds outperforming North American funds over both a 10 and 15 year period.

As we announce these new funds, I am filled with more optimism and confidence in Europe’s tech scene than ever before. A sentiment that is matched by our investors – an increasingly global mix of LPs who have strong confidence in Europe’s leading position on the global stage. They share our belief that the best way to change the world is to build a business, and have chosen, once again, to trust us in delivering on this vision.

Investing early in Europe’s best founders

The truth is, VCs don’t change the world. Founders do. And they work tirelessly, day in and day out, relentless in their determination to build something significant and to have a real impact on the world.

At Balderton, our mission is to be the partner of choice for Europe’s best entrepreneurs – identifying them early and helping them build global giants. We have been fortunate to find many of these pioneers at the very beginning of their journey – and to continue supporting them as they mature into global leaders in their fields.

Indeed, one thing that we pride ourselves on is the ability to build strong conviction early in the development of a new company. We don’t jump on trends or follow others just for the sake of it, we invest with a high degree of conviction. We build this through our experience working together as a partnership, our rigorous IC process, our experiences with portfolio companies and through our data and thesis driven approach. And we can continue to support our portfolio companies throughout their entire journey with our growth fund.

This includes trailblazers like Alex Kendall, who we first met in his Cambridge University dorm room, and whose outsized ambition and contrarian approach have led Wayve (Series A, 2019) to become the global leader in autonomous driving that it is today. Or Nik Storonsky, who we met when Revolut (Seed, 2015) was just a bold idea on a pitch deck. We’ve been at the team’s side at every step of the way to becoming the multi-billion dollar success story it is now, and we remain today the single largest institutional investor in the company. Or Simon Beckerman, whose unparalleled creative flair and all-consuming passion blew us away when he came to us for depop’s seed funding in 2012 – a company that has since completely transformed consumer fashion. The list goes on and on…

Thank you all for trusting us, and for the incredible ride so far.

A new era of innovation, supercharged by AI

As we close these new funds, we look ahead. Developments in artificial intelligence are propelling us forward into a new era of innovation and transformation, and Europe – with its world class institutions and engineers – has proven to be a clear leader in this next chapter.

We have already invested in many of the European leaders driving the new AI wave – like Writer, Wayve and Photoroom, among others. In Early Stage Fund VIII, AI-first companies made up a substantial portion of our investments, and the remaining companies are almost all investing in AI at some level as they continue to innovate and stay ahead of the competition. The pace of change in AI is unlike anything we’ve seen before, and while it’s impossible to predict exactly what the future will look like, it is clear that AI will change our lives in significant ways.

From fintech to health to climate – and equipped with the most powerful new technology we have seen in decades – the next generation of trailblazing entrepreneurs are already pushing innovation beyond its limits. They are building world-changing companies with more passion, drive and ambition than ever before.

With $1.3bn in fresh funds, 25 years of experience, and the same excitement and dedication as always, we can’t wait to see what this next chapter holds.

Here’s to the next generation of European founders, and to a remarkable journey ahead.

The fundraise represents a 23% increase on the previous fund generation.
• Ardian Co-Investment Fund VI attracted commitments from 188 investors across the North America, South America, Europe, the Middle East and Asia.

NEW YORK and LONDON, June 6, 2024 /PRNewswire/ — Aquiline Capital Partners LP (“Aquiline” or “the Firm”), a private investment firm dedicated to financial services and related technologies, today announces that it has raised more than $3.4 billion of fund capital, following the final close of its fifth private equity fund, Aquiline Financial Services Fund V L.P. (“AFS V”), and the close of its continuation fund, Aquiline Financial Services Continuation Fund L.P. (“Continuation Fund”).

With over $2.3 billion in capital commitments, AFS V is Aquiline’s largest fund to date, significantly exceeding the size of its predecessor. The Firm received strong support from its existing investor base of financial institutions, sovereign wealth funds, public pension funds, funds of funds, and family offices. Aquiline also welcomed significant first-time commitments from investors across the U.S., Europe, the Middle East, and Asia, demonstrating confidence in its investment activities and growth trajectory.

Concurrently, Aquiline has closed on approximately $1.1 billion of capital commitments in its Continuation Fund, including a meaningful lead investment from HarbourVest Partners (“HarbourVest”). The continuation fund was established to acquire select portfolio companies in Aquiline Financial Services Fund II L.P. (“AFS II”) and Aquiline Financial Services Fund III L.P. (“AFS III”). The transaction offered investors the opportunity to capture future value creation while providing existing limited partners with an option for accelerated liquidity. A meaningful portion of the fund will be available as follow-on capital to support future growth initiatives and potential strategic acquisitions within the portfolio.

HarbourVest served as the sole lead investor in the Continuation Fund, with participation from several other new investors, including StepStone, funds managed by Ares Management, and Commonfund’s CF Private Equity business, as well as re-investment from existing limited partners. All AFS II and AFS III limited partners were provided with the option to roll their value on status quo terms, reinvest their value into the Continuation Fund, or receive full liquidity.

The combined $3.4 billion of fund capital was welcomed by Aquiline’s Managing Partners, Vincenzo La Ruffa and Igno van Waesberghe.

“Aquiline’s blend of deep financial services industry knowledge and trusted relationships has underpinned our successful fundraising activities in a challenging market. We are pleased to welcome a mix of new strategic investors from our industries, as well as institutional investors from Asia and the Middle East, to AFS V and leading institutional investors to our Continuation Fund,” said Igno van Waesberghe. “We already have strong momentum in AFS V, with capital deployed across multiple investments, and look forward to continuing the value creation journey.”

Since its formation in 2005, Aquiline has been committed to its strategy of working with companies to solve the financial industry’s biggest challenges. With a global presence and rigorous industry analysis, Aquiline can identify industry trends, both big and small, that create meaningful change in the delivery of financial services. The Firm has built deep, trusted relationships across insurance, asset and wealth management, banking and capital markets, healthcare, and payments, enabling Aquiline to partner with companies to build value for its investors alongside company management.

“We have purposefully created a firm that provides capital and expertise to outstanding companies, whether in the form of private equity capital, venture and growth funding, or credit,” said Vincenzo La Ruffa. “Along with our geographic and industry reach, this makes us a powerful partner for industry leaders, entrepreneurs, and innovators alike.”

Notes to Editors

About Aquiline Capital Partners LP

Aquiline Capital Partners LP is a private investment firm based in New York, London, Philadelphia, and Greenwich, Connecticut, that is dedicated to financial services and related technologies. The Firm has approximately $10.4 billion in assets under management as of March 31, 2024.

For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com.

About HarbourVest Partners, LLC

HarbourVest is an independent, global private markets firm with over 40 years of experience and more than $125 billion of assets under management as of December 31, 2023. HarbourVest’s interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. HarbourVest’s strengths extend across strategies, enabled by its team of more than 1,150 employees, including more than 230 investment professionals across Asia, Europe, and the Americas. Across its private markets platform, the HarbourVest team has committed more than $59 billion to newly formed funds, completed over $53 billion in secondary purchases, and invested over $39 billion in direct operating companies. HarbourVest partners strategically and plans its offerings innovatively to provide its clients with access, insight, and global opportunities.

For further information please visit www.harbourvest.com.

Media Contacts

Apella Advisors – email: aquiline@apellaadvisors.com.