Wellington Hadley Harbor III closes on $1.8bn

Alessia Argentieri
09 December 2020

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Wellington Management has held a $1.8bn final close for its third late-stage growth vehicle, Wellington Hadley Harbor Fund III.

In addition to the capital raised, the fund also has access to up to $400m from co-investors interested in deploying capital alongside the vehicle.

The fund will follow the same strategy as its predecessors: Hadley Harbor I, which closed on 2014 on $1bn; and Hadley Harbor II, which raised $1.4bn in 2017. Together with its co-investors, the Hadley Harbor funds have raised around $5bn in total capital so far.

Hadley Harbor III's investment team consists of nine professionals with diversified sector expertise. The team is supported by Wellington's public market research analysts, who provide business insights and access to senior relationships at companies around the world. In addition, Wellington has recently appointed a new director of ESG in private investments, who evaluates the ESG status of private companies and their readiness for the public markets.

Headquartered in Boston, Wellington advises 2,200 institutional and private clients in more than 60 countries worldwide and manages $1.2tn in client assets as of 30 September 2020.

The firm employs 800 professionals and invests in a wide variety of asset classes, including equity, fixed income and alternative strategies.

Investors
The fund has built a global investor base composed of public and private pension funds, insurance companies, corporations and family offices.

"Wellington Hadley Harbor III is designed to take advantage of the greater value creation and capture opportunities available in today's private space as companies stay private for longer and raise more capital prior to a liquidity event like an IPO," said Wellington senior managing director Michael Carmen. "Our ability to invest across sectors leveraging our proprietary deal-sourcing processes and public markets expertise, coupled with the shortened fund life cycle relative to early-stage VC and growth equity, made the fund an attractive vehicle for investors."

Investments
The fund invests in late-stage companies that need capital to sustain growth and move to their next phase of development prior to a potential IPO or sale.

It targets businesses based across various geographies, with a focus on the US, Europe and Asia.

People
Wellington Management – Michael Carmen (senior managing director, private equity lead portfolio manager).