Warburg Pincus Holds $2.2B 1st Close for Multi-Asset Continuation Fund

Warburg Pincus announced the first close of its first multi-asset continuation fund with over $2.2 billion in commitments co-led and fully capitalized by HarbourVest Partners, Ardian and Canada Pension Plan Investment Board (CPP Investments). The lead investors underwrote the entirety of the raise with no required syndication.

Limited partners had the option of locking in what Warburg said were “strong returns”, or rolling into the continuation fund to maintain exposure to the unnamed portfolio companies, which are diversified across geographies and industry sectors.

“This transaction provides our investors with an option to take accelerated liquidity at a market-driven price, while allowing the portfolio companies the opportunity to continue to pursue their long-term growth plans, a win-win for all involved,” added Eddie Huang, managing director, global head of fundraising and investor relations, Warburg Pincus.

The NY-based private equity firm has over $86 billion in assets under management, and more than 230 companies in their portfolio. The firm has invested in over 1,000 companies across its private equity, real estate, and capital solutions strategies.

Kirkland & Ellis served as legal counsel and Evercore served as financial advisor to Warburg Pincus.