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Unemployment rate unexpectedly rose slightly to 4.1%, the highest level since November 2021

Warburg Pincus closes its largest ever fund on $17.3 billion

Pitchbook
·2 min read

Warburg Pincus has reached a $17.3 billion close on its 14th flagship fund, exceeding its original $16 billion target and making it the firm's largest fundraise yet.

Warburg Pincus Global Growth 14 is the fifth largest PE fund to close this year, according to PitchBook data. Global fundraising is down on last year, with $405.3 billion raised from 413 funds, according to PitchBook data.

The close comes at a time when global PE fundraising is down from last year, with $405.3 billion raised from 413 funds, according to PitchBook data. The decline in fund count compared to the previous two years is also striking as more LP capital drifts towards well-established mega-funds—those exceeding $5 billion in commitments. Last year, 1,037 funds attracted $553.9 billion, while $612 billion was  shared between 1,415 funds in 2021.
   

Launched in 2021, the Warburg Pincus fund has taken longer to close than some of its peers:  the Financial Times reported that the firm had asked investors for an extension on its close date. In contrast, CVC launched and closed its $28.6 billion Fund IX within a year.

 Warburg Pincus' latest vehicle is just under 15% bigger than its predecessor, Warburg Pincus Global Growth, which closed on $15.1 billion. Permira VIII, which closed on €16.7 billion, was almost 50% larger than its previous iteration.

Among the sectors that WPGG 14 is targeting is healthcare. The fund has already invested in Simtra BioPharma Solutions, Ensemble Health and ParetoHealth, three US-based companies.

Timothy Geithner, chairman of Warburg Pincus, said in a statement that the firm is putting a premium on diversification given rising interest rates and geopolitical tensions.

Unusual for a PE firm during a major fundraise, there were changes to key roles in the firm this year with Jeffrey Perlman, head of Southeast Asia and Asia-Pacific Real Estate, taking over Geithner's role as president. Geithner, who served as US secretary of the Treasury in the Obama administration, became chairman.

Featured photo by Alan Schein/Getty Images
 

This article originally appeared on PitchBook News