Wellington Financial Fund V is now the largest technology-focused fund in Canada
More news on the state of our Fund V fundraise:
Wellington Financial Hits ‘Hard Cap’ On New $300 Million Fund V
Wellington Financial LP, a privately held specialty finance firm providing growth capital to Canadian, U.S. and U.K.-based companies, is pleased to announce the final fundraising close of its new investment program.
The launch of Wellington Financial Fund V was announced four weeks ago. With today’s second and final close, the firm has hit its ‘hard cap’ of $300 million of subscriptions from Canadian institutional investors and family offices. Wellington Financial Fund V is now the largest technology-focused fund in Canada.
Wellington Financial Fund IV, capitalized with $200 million of re-circulating equity capital in 2012, was a successor fund to three previous entities. Fund IV committed more than $225 million via 28 growth capital transactions over a 3-year period.
“Our corporate passion is to back as many of the best companies as we can find, and this new fund gives us the capital we need to support entrepreneurs in Canada, the United States as well as the United Kingdom,” said Mark McQueen, Wellington Financial’s President and Chief Executive Officer. “Whether you are looking for $2 million or $40 million of growth capital, Wellington will meet your needs with a very attractive cost of capital.”
“Over the past 15 years, Wellington Financial has supported many of North America’s highest quality, privately-held growth stories, including Belair Networks, folioDynamix, Maxymiser, OZ Communications, Real Matters, Vision Critical and Xactly,” continued Ken Rotman, Chairman of Wellington Financial and Co-CEO of Clairvest Group Inc. “This new fund will build on Wellington’s well-earned reputation as an agile, professional, supportive and ethical place to raise growth capital for your business. Just ask some of our portfolio companies….”
“The team at Wellington are true professionals and added meaningful value to our business,” said Joe Consul, CFO of Xactly Corp. of San Jose, California. Added Javier Brage, CFO of New York and London, UK-based Maxymiser: “The Wellington Financial team was true to their word and trusted our executive team.” In June, Xactly, a Wellington Financial Fund IV portfolio company, completed its successful initial public offering on the New York Stock Exchange. In September, Maxymiser, also a Fund IV portfolio company, was acquired by Oracle.
Wellington Financial Fund V will continue to follow the same proven model by assisting both public and private companies with a demonstrated customer following, minimum of $5 million in trailing revenue, talented management and well-defined growth strategies.
The one bit of new information you’ll have noticed is the reference to the United Kingdom. This is a new market for us. Over the past few years, we’ve seen more and more firms with meaningful operations in both the USA and UK. And with those portfolio companies have come new relationships that will invariably breed the odd fabulous referral.
It is quite humbling for our team to have raised 50% more this time than in 2012, particularly for a Canadian-based fund that plays primarily in the tech space. Since 2005, Canadian institutions haven’t been as welcoming of innovation-related GP/LP funds as they could be. We know we are lucky to have landed on the number we did.
Over the past few years, we’ve help entrepreneurs create and/or preserve thousands of innovation jobs on both sides of the border. It’s a luxury to have the chance to work with so many fabulous people, and our team never forgets that.
Please wish us luck on the next phase of our journey.