Waterland Private Equity Investment has raised €4 billion across two European funds, with some of the backing coming from the Ireland Strategic Investment Fund.
The firm has closed fund-raising on its Private Equity Fund IX (WPEF IX) fund at €3.5 billion after four months.
Its Partnership Fund I (WPF I) has closed at €500m.
Other backers include asset managers, public and private pension funds and, sovereign wealth funds, with investments coming from across Europe, the Middle East, North America and Asia Pacific.
Waterland said WPEF IX will be targeted at medium-sized companies in “fragmented growth markets” across the region.
WPF I will see it take a small stake in a handful of companies after the company has exited from its initial investment
Its investment plan will see it continue its ‘buy-and-build’ strategy – where it helps firms to grow organically and through acquisitions.
Waterland opened an Irish office in 2019 and has made a number of investments here, including Westmeath fire protection firm Writech Group and Meath-based MTM Engineering.
It said its ambition was to deploy as much capital as possible from its new funds in the Irish market.
“There is tremendous potential with the announcement of this new fund, along with the investment commitment from ISIF, to support Irish companies to scale and grow their reach into new markets,” said Laura Dillion, managing director and principal at Waterland Private Equity Ireland.
“We are very keen to support Irish companies to remain headquartered in Ireland and to become European and worldwide leaders in their industries.”
“Our partnership with Waterland is a further step in providing Irish businesses with attractive new ways to source the capital they need to grow and with valuable access to Waterland’s Irish and international expertise and network,” said Nick Ashmore, director of ISIF.
“This investment is another example of ISIF’s mandate of investing for a commercial return while supporting economic activity and employment in Ireland and we’re delighted to team up with Waterland.”
