Wellington Financial Announces $177 Million Fund IV
Thanks to everyone who has had a role in our activities over the years. Here’s a copy of the press release that just hit the wire:
Toronto, ON and Santa, Monica, CA (September 5, 2012) – Wellington Financial LP, a privately-held specialty finance firm providing growth capital to U.S. and Canadian-based companies, announced today the first closing of Wellington Financial Fund IV, as well as plans to open a second U.S. office in the Palo Alto area later this year.
Wellington’s 2006-vintage Fund III was capitalized with $150 million of re-circulating institutional equity commitments. That fund led over $300 million of financings via 52 loans over its life, earning limited partners a profit in every fiscal quarter during that six- year period.
The new Fund IV raised $177.5 million of re-circulating equity in its first close, drawing commitments from leading Canadian institutional investors, pension plans and family offices. “The successful first close of our fourth fund is a clear indication that Wellington’s agile investment approach continues to benefit investors, the companies we finance, and our VC partners,” said Mark McQueen, Wellington Financial’s President and Chief Executive Officer.
To further enhance Wellington’s strong U.S. presence, the firm will be adding a second California office and additional U.S.-based employees later this year. The firm opened its first U.S. office and staff in Santa Monica, California, in November 2009. “Entrepreneurs and U.S. venture capitalists have responded positively both to our team and non-amortizing term debt product over the past three years,” said McQueen. “From a standing start, 20 of our last 25 investments have been to U.S.-based, VC-backed innovation companies.”
“Wellington’s impressive track record speaks to the market opportunity that Wellington satisfies as well as the consistently attractive returns earned by our LPs over the past 12 consecutive years across three different funds,” added Ken Rotman, Wellington’s Chairman. “We are grateful for the support we have received from the institutional limited partnership community, and we are delighted to welcome four new Canadian pension funds as LPs in Fund IV.”
“Wellington has been a valuable partner for a number of our portfolio companies,” said Ren Riley, General Partner at Oak Venture Partners, of Palo Alto. “The Wellington team has a long track record of creatively financing high quality growth companies. Their capital is patient, True Growth Capital™. We look forward to continuing our relationship as the firm deploys its impressive fourth fund.”
“GrandBanks Capital and Wellington have enjoyed mutual success on several of our portfolio companies over the past three years”, said Charley Lax, Managing General Partner of GrandBanks Capital, of Wellesley, Massachusetts. “Wellington knows what it means to truly partner with management and VC board members.”
Wellington Financial LP has earned its LPs top quartile 3-, 5- and 10-year absolute and risk-adjusted returns since the firm’s inception in 2000. Fund IV will continue to follow the same proven business model by financing private and public companies with a demonstrated customer following, talented management, proven growth opportunities and committed institutional investors.
MRM
Congratulations Mark & team. Very good news for us all! Good luck in finding the best and brightest to invest this fund in.
Congrats! Solid track record and well deserved new pile of dough
In his BNN interview on Sept.5th,2012, Mr. Howard Wetston, chairman of the OSC, said that the Sino-forest case was very challenging, because it is an international affair. We are shareholders of Sino-forest and we want to ask Mr. Wetston the following questions regarding the OSC’s allegation against Sino-forest:
1) Does the OSC still think that “the absence of certificates is per se the evidence of fraud”?
2) Does the OSC get any international co-operation from the PRC, what effort has the OSC tried and whom or which department has the OSC got contact:
– Government officials: Chairman Hu Jintao or Prime Minister Wen Jiabao?
– Forestry bureau, Minister Zhao Shucong or former Minister Jia Zhibang (who sit beside Allen Chan in the famous photo)?
– Chinese police department?
3) Have the OSC officials ever been to mainland China to see/locate the Sino-forest’s forestlands which the OSC alleged not exist?
4) Have the OSC officials ever been to mainland China and let the former executives of Sino-forest to show the OSC those forestlands they bought? Did they refuse to do so or did they fail to do so?
5) Where does the OSC get source information? If the OSC has referred the Muddy Waters report, did the OSC be able to verify the accuracy of the information in the report?
6) Why the investigation of the OSC get to different conclusion with that of the IC? Does the OSC think the IC is wrong and trying to mislead the public?
7) Has the OSC read the Sino-forest’s claim statement against Muddy Waters & Hedge funds? Does the OSC think that this claim statement is untrue and misleading to the public?
For such an affair as Sino-forest’s, which has deep influence in various areas, including the bilateral relationship of Canada and China, the credibility of Chinese enterprises, environment for business practices in China, Canadian securities markets, and of course, the huge lose of shareholders of Sino-forest, shouldn’t the OSC at least held a conference for answering the questions from reporters and the public?