Weinberg closes WCP#3 on €295m

WCP#3 was launched in September last year with a €250m target and held a first close on €140m in January. The hard-cap was set at €300m.

Weinberg had a considerably easier time raising the vehicle compared with its previous effort. WCP#2 was launched in 2012 with a €300m target, but, amid a challenging fundraising market, the GP eventually called it a day at €165m in 2014 and set about deploying the vehicle. Its predecessor, WCP#1, was launched in March 2005 and announced a first and final close that same year on €420m.

Speaking to Unquote, partner Philippe Klocanas highlighted that the improved market conditions compared with 2012 had played a role in the speed and success of the WCP#3 fundraise. He also added that investors were convinced by the performance of the previous vehicle, and more broadly by Weinberg's positioning in the GP landscape.

The fund's investment period is set to a classic five years, with Klocanas adding that all terms and conditions were in line with market standards.

Xavier Comaills of Clifford Chance provided legal advice during the fundraise.

Investors
Weinberg was able to capitalise on strong support from its existing investor base, according to investor relations head Laurence Roy-Rojo, with a re-up rate in the region of 93%. The majority of the first close was raised from these existing backers, enabling the firm to widen the net in the following months. By final close, the LP base was split at roughly 50/50 between returning and new investors.

The majority of commitments came from institutional investors, with the remainder being provided by family offices and individual investors, including several managers of companies previously backed by Weinberg.

Weinberg declined to name specific LPs that committed to WCP#3. According to Unquote Data, investors in the second fund included Caisse des Dépôts et Consignations, Generali and CNP Assurances.

Investments
WCP#3 will stick closely to Weinberg's existing strategy, backing majority buyouts of French businesses valued in the €50-200m range. Mainly due to the expertise and track record of the firm's partners, the firm tends to focus on three core areas: B2B and B2C distribution, business support services and healthcare.

The vehicle has already been put to use to finance the carve-out of footwear retailer Besson Chaussures from Vivarte in May. The GP is also in exclusive negotiations for a second transaction, which could be announced as early as September.

Should the second deal go through as expected, the fund would be 15% deployed, nine months after the first close. Overall, Weinberg is aiming to make around 10 investments from the fund.

People
Weinberg Capital Partners – Philippe Klocanas (partner); Laurence Roy-Rojo (head of IR).

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