Wellington Financial Achieves $200M ‘Hard Cap’ for Fund IV

I thought I’d share the good news with our modest blog following prior to the release hitting the wire today:

Wellington Financial Achieves $200M ‘Hard Cap’ for Fund IV

Announces Appointment of Vikram Gupta as Partner and Opening of Third North American Office

San Francisco, CA, Santa Monica CA, and Toronto, ON (April 3, 2013) – Wellington Financial L.P., a privately held specialty finance firm providing growth capital to Canadian and U.S.-based companies, announced the final closing of Wellington Financial Fund IV, as well as the addition of Vikram Gupta to its growing team of professionals.

Wellington Financial Fund IV, which announced its $177.5 million first close on September 5, 2012, is a successor fund to three previous entities. Fund III, which was capitalized with $150 million in re-circulating equity funding commitments, led $315 million of financings via 50 loans over a 6-year period.

With its final close on March 29, 2013, Fund IV has reached its “hard cap” of $200 million in re-circulating equity commitments from several leading Canadian institutional investors. “In this difficult fundraising climate, we are honoured to have hit Fund IV’s hard cap of $200 million in re-circulating equity commitments,” said Mark McQueen, Wellington Financial’s President and Chief Executive Officer. “This capital base positions our firm to provide entrepreneurs across North America with up to $600 million of True Growth Capital over the next few years.”

To further enhance the firm’s U.S. presence, Wellington Financial is pleased to welcome Vikram Gupta to its team as a Partner and Head – Western U.S.A. Region. Mr. Gupta joins Wellington with 14 years of experience financing high-growth technology businesses as both an equity investor and lender. Prior to joining Wellington, Mr. Gupta was with Western Technology Investment, JPMorgan Partners and Credit Suisse First Boston.

“I am excited to join the Wellington Financial team,” stated Mr. Gupta. “Wellington’s unique product offering, commitment to high-growth businesses and strong reputation with entrepreneurs and equity investors alike makes the firm an ideal partner for VC-backed companies. I look forward to further enhancing Wellington’s presence in the U.S. market as we continue to target the most promising innovation businesses.”

“The track record of Fund III speaks to the success of the clients that we’ve had the pleasure to serve over the past 12 plus years,” added Ken Rotman, Chairman of Wellington Financial. “The institutional limited partnership community recognizes our alignment of interests, which is why Wellington is one of the few innovation-focused funds to hit its ‘hard’ fundraising cap over the past five years.”

Wellington also announced today the promotions of Kul Mani and Craig Netterfield, both based in the firm’s Toronto office, to Partner. Eric Speer, a Vice-President in Wellington’s Santa Monica office, will continue to focus on high growth companies based in Southern California and key Western States.

Wellington Financial Fund IV will continue the firm’s strategy of investing in both public and private companies with a demonstrated customer base, minimum of $5 million in trailing revenue, talented management and well-defined growth strategies.

MRM