The private equity arm of global investment manager WestAM has closed its $360m Special Private Equity Partners fund-of-funds.
WestAM has also started marketing its second private equity fund-of-funds Coreplus Private Equity Partners. This second fund will have a target of $500m and will consider investing in all sectors and at all stages in the US private equity marketplace. It will also make select investments in European and Asian partnerships.
Don Phillips, chief investment officer of the private equity group and chief executive officer of WestAM (US), explained that the fund has been set up at the request of institutions and consultants. “They need an efficient vehicle through which they can obtain broad and diversified exposure to private equity investments.” The fund-of-funds will also focus on buy-out partnerships and selective co-investments.
WestAM recently acquired Dallas based Gulfstream Global Investors, an international equity investment firm currently managing approximately $1bn in investments for clients.