US-based GP Warburg Pincus has raised $12bn for its latest global fund, Warburg Pincus Private Equity XII.
Warburg stated that the fundraising took six months, starting in May, with investor demand exceeding the vehicle's hard-cap. The process was conducted without the help of a placing agent.
The GP's previous fund, Warburg Pincus Private Equity XI, had a $12bn target as well when it launched in September 2011, but reached a final close on $11.2bn in May 2013, having raised $5bn by May 2012.
Warburg's last investment in Europe was the acquisition of Polish pharmacy operator Apteki Gemini this month, marking the firm's first acquisition in the country.
According to Warburg, LPs in the vehicle are public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations and wealthy individuals.
The fund will follow a similar strategy to its predecessors, investing globally in businesses at all stages. It will focus on the energy, financial services, healthcare, consumer, industrial and business services, and technology, media and telecommunications (TMT) sectors.
Charles Kaye and Joseph Landy are co-CEOs of Warburg.
Anna Morrison joins from IFM Investors, where she managed the firm's fund-of-funds programme
Fund's predecessor, Isomer Capital Fund, closed on €150m in February 2016
Funding will be used to hire more staff, support product development and meet customer demand
True Core VII provides seed and early-stage capital, while True Select IV provides follow-on capital