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Warburg Pincus closes on $8bn

The 2005 global private equity fundraising bonanza continues with news that Warburg Pincus has closed its largest ever vehicle.

The vast pools of money rushing into the global private equity market show no sign of drying up.

On the heels of multi-billion dollar fund closes from Apax Partners (€4.3 billion),

We wanted to strengthen our relationship because of our strong belief in the firm and its exceptional capabilities.

Joseph Dear, executive director, Washington State Investment Board

BC Partners (€5.8 billion), CVC (€6 billion), The Carlyle Group ($7.85 billion for US and $2.2 billion for Europe) and Goldman Sachs Capital Partners ($8.5 billion) among others, global private equity firm Warburg Pincus has held a final close of its latest buyout fund on $8 billion (€6.4 billion).

Warburg Pincus Private Equity IX LP is the firm’s largest vehicle since it was established in 1966. The fund attracted over 80 percent of commitments from investors in previous funds, including the Washington State Investment Board, which was the largest single investor in the new fund.

Joseph Dear, executive director of the Washington State Investment Board said in a statement: “We wanted to strengthen our relationship because of our strong belief in the firm and its exceptional capabilities.”

New investors in the fund included the Oregon Public Employees’ Retirement System, Caisse de Dépôt et placement du Québec and The Boeing Company.

Warburg Pincus co-president Chip Kaye said in a statement: “We’re pleased to have been able to complete this fundraising in such a short span of time, largely within our core investor base and by making limited invitations to new investors.”

The firm will continue to invest in a range of sectors including financial services, healthcare, industrial, information and communications technology, media, energy and real estate.

The firm currently has more than $10 billion under management and has offices in Beijing, Frankfurt, Hong Kong, London, Menlo Park, Mumbai, New York, Seoul, Shanghai and Tokyo.