Whitehorse Liquidity Closes on $2 Billion

Whitehorse Liquidity Partners has held a final hard-cap close of Whitehorse Liquidity Partners Fund III LP with $2 billion of capital.

Investors in the new fund include insurance companies, public and corporate pension plans, family offices, financial institutions and individual investors.

“Fund III was oversubscribed and completed its final closing less than a year from its launch. We attribute the speed and success of this fundraise to the continued support of our existing investor base and the conviction of investors who are new to Whitehorse,” said Michael Gubbels, a partner of Whitehorse. “We would like to take this opportunity to thank all of our investors for their belief in Whitehorse.”

Whitehorse makes preferred equity investments in private equity portfolios to generate liquidity and/or to finance the acquisition of private equity portfolios. The Toronto-based firm was founded in 2015 and has now raised a total of $3.4 billion in committed capital across three funds and closed or committed to 39 transactions with a value of over $3.2 billion.

“Whitehorse’s traction in the private equity market is the result of our focus on offering nimble, customized and aligned liquidity solutions and finding the win-win in all that we do,” said Giorgio Riva, a partner of Whitehorse. “Our innovative and flexible approach has been additive to the secondary market, offering a differentiated means of accelerating liquidity for the alternative asset class.”

The closing of Fund III was in excess of its $1.5 billion target and was double the size of Whitehorse’s second fund which closed in August 2018. “The increase in the size of Fund III reflects the scale of the market opportunity we have created and are capturing,” said Yann Robard, managing partner of Whitehorse. “Whitehorse’s partnership-based approach has resulted in rapid market adoption and a significant and growing pipeline of opportunities.”

Since founding, the Whitehorse team has grown to 38 professionals and additional hires are expected in the coming year.

Kirkland & Ellis provided legal services to Whitehorse for this fundraise.

© 2019 Private Equity Professional | October 22, 2019

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