On September 5, 2012, Wellington announced that the first close of Fund IV had attracted $177.5 million of re-circulating equity commitments from Canadian institutional investors, pension plans and family offices. With the second close, Fund IV has now raised $190 million of re-circulating equity via the addition of both a new institution and family office.
Wellington’s 2006-vintage Fund III was capitalized with $150 million of re-circulating institutional equity commitments. That fund led over $300 million of financings via 52 loans over its life. Fund III limited partners earned a profit in every fiscal quarter during that six- year period, enjoying a GAAP internal rate of return in excess of 9.0%, net of all fees and expenses.
“Our firm received tremendous support from the institutional limited partner universe in 2012,” said Mark McQueen, Wellington Financial’s President and Chief Executive Officer. “We led $78 million of transactions last year, a majority of which were for US-based, venture capital-backed innovation companies. Since we began doing business in the US in late 2009, our capital has helped American entrepreneurs preserve and/or create more than 3,700 U.S. jobs.” Portfolio company exits in 2012 included BelAir Networks (acquired by Ericsson), Clairmail (acquired by Monitise plc), Ember (acquired by Silicon Labs) and Pivot (acquired by CME Group).
“Wellington’s impressive track record speaks to the market opportunity that we satisfy as well as the consistently attractive returns earned by our LPs over the past 12 consecutive years across three different funds,” said Ken Rotman, Wellington’s Chairman.
Wellington Financial is a privately-held specialty finance firm providing term, venture and amortizing loans up to $30 million. Wellington Financial is currently managing a $600 million investment program with offices in Toronto, Canada, and Santa Monica, California. Wellington Financial is managed by a partnership controlled by fund management and Clairvest Group who jointly have contributed a large financial stake to the firm. Limited partners include several of Canada’s largest institutional investors, pension funds, family offices and crown corporations (www.wellingtonfund.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 1-14-13