Windjammer Capital Investors has closed its sixth fund, Windjammer Capital Fund VI LP, at its hard cap with $1.3 billion in capital commitments, markedly higher than its $1 billion target and 48% higher than the firm’s $870 million fifth fund.
According to Windjammer, new and returning limited partners in Fund VI include private and public pensions, family offices, insurance companies and asset managers.
“The success of this fundraise was highlighted by the backing from both existing and new investors, who understand and value the model we’ve built which focuses on finding investments whose core investment attributes provide downside protection as well as significant upside,” said Gregory Bondick, a managing principal of Windjammer. “We’re very appreciative of our investors’ support, particularly given the challenging environment, and look forward to working hard to reward their faith in Windjammer.”
“Investment in our operational resources has been critical to our partnerships with founders, entrepreneurs, and senior leadership teams at our portfolio companies,” said Jeffrey Miehe, a managing principal of Windjammer. “The capabilities our team brings for Fund VI, as with previous funds, are directed at helping our companies focus on growth and development and implementation of key operational initiatives that drive expansion of revenue and profits.”
Windjammer invests equity and subordinated debt as a control investor in middle-market businesses located in the US or Canada that have EBITDA from $8 million to $50 million. Sectors of interest include niche manufacturing, business services and value-added distribution. The firm’s investment size ranges from $50 million to $200 million per transaction.
In November 2023, Windjammer acquired its first Fund VI portfolio company with the buy of Bio X Cell, a New Hampshire-based producer of monoclonal antibodies used in both in vivo and in vitro pre-clinical research applications. The company’s portfolio of more than 400 functional grade antibodies are used by more than 1,500 academic, government and commercial customers for research into cancer, immunology and neuroscience.
“Bio X Cell’s niche market leadership and mission critical, low cost-to-value product offering reflect the business model characteristics that have always been core to our investment strategy,” said Mr. Bondick.
UBS Securities and Credit Suisse Securities were the placement agents for Fund VI and Kirkland & Ellis provided legal services.
With the close of Fund VI, Windjammer has now raised and managed more than $3 billion of capital and completed more than 60 platform investments and 160 strategic add-ons throughout its history. Windjammer was founded in 1990 and is based in Waltham, Massachusetts, and Newport Beach, California.
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