Waterland raises EUR 4bn for buyout and minority funds

Rachel Lewis
20 January 2023

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Netherlands-based sponsor Waterland has closed the ninth iteration of its flagship fund on EUR 3.5bn, while also holding a close for its inaugural minority stake fund on EUR 500m.

Fund IX is EUR 1bn larger than its 2020 vintage predecessor, at a time when many midcap managers are likely to endure an even tougher fundraising environment.

Both Waterland funds have closed at their hard caps after four months on the road, the GP said in a statement, adding that the vehicles were oversubscribed and exceeded their fundraising targets.

In the summer, the firm named Cedric Van Cauwenberghe as group managing partner, due to be in place by May 2023 and succeeding Frank Vlayen.

Investors
The GP said that LPs constitute asset managers, public and private pension funds, insurers, sovereign wealth funds, endowments and family offices globally.

Investors under its predecessor funds include the public pension funds of Florida, Massachusetts, Wisconsin, and Texas, according to Unquote Data.

Investments
Fund IX will target buyouts in the midcap space in fragmented markets in Europe to help finance organic and acquisition growth of its portfolio companies. Its earlier fund deployed equity tickets of EUR 10m-200m.

Waterland Partnership Fund I will make minority re-investments in a "very select" number of Waterland portfolio companies when they are exited, said the GP.

Recent investments for the GP include Uk-based tax and audit advisor Cooper Parry and German upholstered bed producer Ruf Group. The GP also transformed its stake in Dutch childcare group Partou from a minority to a majority by acquiring co-investor Onex's stake.

People
Waterland — Frank Vlayen (group managing partner); Cedric Van Cauwenberghe (incoming group managing partner); Marc Lutgen, (head of IR).

Advisors
Waterland — Evercore Private Funds Group (placement agent); Kirkland & Ellis International (legal, tax and regulatory); De Brauw Blackstone Westbroek (Dutch legal, regulatory); Matheson (Irish legal, tax and regulatory counsel).