Warburg Pincus Private Equity XI closes on $11.2bn

The vehicle initially had a $12bn target. It was launched in September 2011 and held a first close in May 2012 on $5bn. Management fee and carry are believed to stand at 1.3% and 20% respectively, according to unquote" data.

Last year, Warburg Pincus invested more than $2.3bn in 28 new companies and follow-on investments. The GP also exited Dutch cable TV company Ziggo.

Ernst & Young Transaction Advisory Services and Willkie Farr & Gallagher were involved in the fundraising process.

Investments
Warburg Pincus focuses on five key sectors: energy, financial services, healthcare, technology, media & telecommunications (TMT), and consumer, industrial & services (CIS).

All stages of development will be considered, from start-up and growth capital to special situations and buyouts. The fund has a global remit.

Several new investments have already been made through Warburg Pincus Private Equity XI, including Venari Resources, which focuses on deep-water exploration and production in the Gulf of Mexico; and China Auto Rental, a car rental firm in China. The GP is thought to have committed capital from the vehicle to acquire Polish cable operator Inea in April this year.

Investors
Public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations and wealthy individuals have committed to the vehicle. New Jersey Division of Investment had committed to the fund before the first close, according to unquote" data.

Both existing and new investors have backed the vehicle, with a significant number of fresh backers based outside the US.

People
Joseph P Landy is co-president of Warburg Pincus.

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