Waterland closes fourth fund on EUR800m

01 July 2008

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Fund

Three months after its launch, Waterland has closed its fourth fund, Waterland Private Equity Fund IV, on its hard cap of EUR800m. The fund was set up with a target of EUR650m and has an eight-year lifespan, which is extendable for up to two years.

Investors

The minimum and maximum subscriptions were set at EUR5m and EUR80m respectively. The fund received commitments from more than 30 institutional investors, many of which were existing investors, and secured important new commitments from pensions and foundations in the US. 50% of the commitments came from funds-of-funds, 30% from public and corporate pension funds, 10% from endowments and family offices and 10% from financial institutions. Geographically, 30% of the total investment came from Benelux and Germany, 35% from the rest of Europe and 30% from North America. The largest investors are Danish pension fund ATP and AlpInvest.

Investment

The new vehicle plans to make approximately 25 investments, seeking to acquire controlling stakes in mid-sized companies with revenues between EUR10-150m in Benelux and Germany. The fund will look primarily in the outsourcing and leisure & luxury areas as well as sectors linked to an ageing population, believing they have strong growth potential. The fund, which specialises in the buy-and-build strategy, has started to invest and will announce shortly its first acquisition in the German leisure sector. The core exit strategy consists of trade sales and a recycling clause stipulates that exit proceeds can be reinvested to up to 25% of the funds committed.

People

The fund is headed up by Rob Thielen (the Netherlands), Frank Vlayen (Belgium) and Jorg Dreisow (Germany). They are supported by a team of 35, which could be increased to 45 people in the near future.

Name: Waterland Private Equity Fund IV

Closed on: EUR800m

Focus: Benelux, Germany

Mid-market buyout

Contact: Rob Thielen

Address: Nieuwe 's-Gravelandseweg 17, 1405 HK Bussum, The Netherlands

Tel: +31 (0)35 694 1680

Fax: +31 (0)35 697 0972

Advisers

MVision (Placement agent)

Loyens & Loeff/Ropes & Gray (Legal).