Fort Washington to raise $250m FoF

Fort Washington Capital Partners is targeting $250 million for its sixth fund of funds, which will invest in equal numbers of venture and private equity funds.

Fort Washington Capital Partners Group is marketing its sixth fund of funds, which will target $250 million (€170 million) with a $400 million hard cap.

The vehicle will invest in 15 to 20 private equity funds and 15 to 20 venture capital funds, which is consistent with the strategy of the firm's previous funds, said managing director Christopher Baucom.

But the because Fund VI's target size is much larger than its predecessor, which closed on $136 million earlier this year, the size of the firm's bite will increase.

“We are scaling our programme and accepting new limited partners, which is why we're increasing the fund size,” Baucom said.

FW Capital will target funds with between $200 million and $5 billion in assets, although in the past the firm has invested in funds as large as $16 billion.

Fund VI has already approved commitments to one buyout fund and two venture capital funds, though the firm declined to name the fund managers.

Each of FW Capital's funds is invested over a three year period. Fund V is still being invested, and has committed to 22 funds to date, including Alinda Infrastructure, Caduceus Private Equity Investments III, Catterton Partners VI, Draper Fisher Jurvetson Growth Fund 2006, GTCR Fund IX, Kohlberg Kravis Roberts 2006 Fund, Oak Investment Partners XII, Providence Equity Partners VI, Silver Lake Partners III and SV Life Sciences IV.

Fund VI will be invested over 2008, 2009 and 2010, though the firm expects to continue fundraising until the end of 2008. The firm does not use a placement agent.

FW Capital is the private equity arm of Cincinnati, Ohio investment firm Fort Washington Investment advisors, which is in turn a wholly owned subsidiary of retail life insurance company Western and Southern Financial Group.

Western and Southern is also an anchor investor in FW Capital's funds, and committed $45 million to Fund VI.

In addition to its five generalist funds of funds, FW Capital also manages several funds of funds and direct co-investments funds dedicated to specific regions of the US.