Launches new $500M Investment Program with plans for 2nd U.S. office
TORONTO, ON and Santa, Monica, CA, Sept. 5, 2012 /CNW/ - Wellington Financial LP, a privately-held specialty finance firm
providing growth capital to U.S. and Canadian-based companies,
announced today the first closing of Wellington Financial Fund IV, as
well as plans to open a second U.S. office in the Palo Alto area later
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, earning limited
partners a profit in every fiscal quarter during that six- year period.
The new Fund IV raised $177.5 million of re-circulating equity in its
first close, drawing commitments from leading Canadian institutional
investors, pension plans and family offices. "The successful first
close of our fourth fund is a clear indication that Wellington's agile
investment approach continues to benefit investors, the companies we
finance, and our VC partners," said Mark McQueen, Wellington
Financial's President and Chief Executive Officer.
To further enhance Wellington's strong U.S. presence, the firm will be
adding a second California office and additional U.S.-based employees
later this year. The firm opened its first U.S. office and staff in
Santa Monica, California, in November 2009. "Entrepreneurs and U.S.
venture capitalists have responded positively both to our team and
non-amortizing term debt product over the past three years," said
McQueen. "From a standing start, 20 of our last 25 investments have
been to U.S.-based, VC-backed innovation companies."
"Wellington's impressive track record speaks to the market opportunity
that Wellington satisfies as well as the consistently attractive
returns earned by our LPs over the past 12 consecutive years across
three different funds," added Ken Rotman, Wellington's Chairman. "We
are grateful for the support we have received from the institutional
limited partnership community, and we are delighted to welcome four new
Canadian pension funds as LPs in Fund IV."
"Wellington has been a valuable partner for a number of our portfolio
companies," said Ren Riley, General Partner at Oak Venture Partners, of
Palo Alto. "The Wellington team has a long track record of creatively
financing high quality growth companies. Their capital is patient, True Growth Capital™. We look forward to continuing our relationship as the firm deploys
its impressive fourth fund."
"GrandBanks Capital and Wellington have enjoyed mutual success on
several of our portfolio companies over the past three years", said
Charley Lax, Managing General Partner of GrandBanks Capital, of
Wellesley, Massachusetts. "Wellington knows what it means to truly
partner with management and VC board members."
Wellington Financial LP has earned its LPs top quartile 3-, 5- and
10-year absolute and risk-adjusted returns since the firm's inception
in 2000. Fund IV will continue to follow the same proven business
model by financing private and public companies with a demonstrated
customer following, talented management, proven growth opportunities
and committed institutional investors.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm
providing term, venture and amortizing loans up to $30 million.
Wellington Financial LP is currently managing a $500 million investment
program with offices in Toronto, Canada, and Santa Monica, California.
Wellington Financial LP is managed by a partnership controlled by fund
management and Clairvest Group Inc. (CVG:TSX), who jointly have
contributed a large financial stake to the Fund. LPs include several of
Canada's largest institutional investors, pension funds, family offices
and crown corporations. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
SOURCE: Wellington Financial LP
For further information:
Wellington Financial LP
Tel: (416) 682-6007