WestView Capital Partners has closed its fifth fund, WestView Capital Partners V LP (Fund V). The new fund was oversubscribed and closed at its target and hard cap with $1 billion of limited partner commitments.
Fund V’s fundraising began in September 2022 and the new fund was supported by both existing WestView investors and new institutional investors. Limited partners in Fund V include endowments, pension funds, foundations, fund of funds, and family offices as well as over 40 former and current WestView portfolio company executives.
Like its earlier funds, Fund V will make majority and minority investments of $20 million to $100 million in lower middle-market growth companies that have revenue of at least $10 million and operating profits between $3 million and $25 million. WestView’s investments are typically in founder-owned and managed companies that have not previously raised institutional capital. Sectors of interest include business services, software and IT services, consumer, healthcare technology and outsourcing, growth industrial, and consumer.
A recent transaction closed by WestView is its October 2022 growth investment in Dark Horse Consulting Group, a California and London-based provider of consulting services to cell and gene therapy developers.
Since its founding in 2004, Boston-based WestView – led by managing partners Carlo von Schroeter, Rick Williams, Matt Carroll and Jonathan Hunnicutt – has now raised $2.7 billion in capital, invested in 54 companies, and closed 32 liquidity events that generated more than $2.2 billion in cash proceeds.
“We appreciate the strong support from our investors and look forward to continuing to execute on our control-agnostic investment strategy of partnering with outstanding management teams and employing flexible investment structures,” said WestView’s four managing partners in a released statement. “We are extremely proud of the entire WestView team and the management teams we partner with who have driven the success we have achieved as a firm.”
Goodwin Procter provided legal services to WestView on this fundraise.
© 2023 Private Equity Professional | January 18, 2023
