TORONTO, Jan. 9 /CNW/ - Wellington Financial LP, a privately held
specialty finance firm, today announced that Wellington Financial Fund III has
raised an additional $24.1 million of limited partner commitments from two new
Canadian-based institutions, increasing Fund III to $150 million in size.
Wellington Financial provides capital to growing private and public companies
in the form of term, venture or amortizing loans across North America.
Launched in late 2006, Fund III was originally capitalized with $125.9
million of equity commitments. Wellington Financial has led or participated in
26 new financings via Fund III, providing $180 million of new capital for
"In anticipation of continued demand for our True Growth Capital(R), it
made sense to add two new limited partners to our existing investor group,"
said Mark McQueen, President and Chief Executive Officer of Wellington
Financial LP. "Our fund utilization and commitments exceeded 80% last Fall,
and we felt it was prudent to raise the additional capital given the
tightening capital market and the opportunities we expect to see in 2009 and
Added Ken Rotman, Wellington Financial's Chairman, "In a very difficult
climate for raising institutional capital, we are delighted to receive this
vote of confidence from two new institutional limited partners. 26 Fund III
deals over a 26 month period speaks to the attraction of Wellington's capital
to Canadian entrepreneurs, regardless of the economic times or market cycle."
Goodmans LLP provided legal advice on this transaction.
About Wellington Financial LP
Wellington Financial LP is a privately held specialty finance firm
providing operating lines of credit, term, venture and amortizing loans up to
$60 million. Wellington Financial LP is currently deploying a $450 million
investment program via its third fund. 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 Fund III. LPs include
several of Canada's largest institutional investors, crown corporations,
financial institutions and pension funds. Visit the fund website at
www.wellingtonfund.com, or the team blog at www.wellingtonfund.com/blog.
For further information:
For further information: Amy Olah, Marketing Manager, Wellington
Financial LP, Tel: (416) 682-6002, firstname.lastname@example.org