Wells Fargo Unloads $2B of Private Equity Investments
Wells Fargo & Company sold approximately $2 billion of private equity investments in certain Norwest Equity Partners and Norwest Mezzanine Partners funds to a group of investors including AlpInvest Partners (a subsidiary of Carlyle), Atalaya Capital Management, Lexington Partners, and Pantheon, as part of its efforts to focus on its core operations.
“With this transaction, we are continuing with our strategic efforts to focus on Wells Fargo’s core businesses and customers,” said Wells Fargo CFO Mike Santomassimo.
Norwest Equity Partners and Norwest Mezzanine Partners, two investment firms that predate Norwest Bank’s transformation into Wells Fargo, will operate under a single entity — Norwest Capital Advisors.
Lazard Ltd served as financial advisor to Wells Fargo in connection with the transaction.
Wells Fargo said it will continue its relationship and investments with Norwest Venture Partners, a venture capital and growth equity investment firm.
