Canadian specialty finance firm Wellington Financial has officially launched its fifth fund, Wellington Financial Fund V, with a hard-cap target of $300 million of re-circulating equity commitments. Fund V, which had its first close this week, is targeted to bring in 50 percent more than Fund IV, closed at $200 million in 2013. Toronto-based Wellington, which had its 15th anniversary in August, provides term, venture and amortizing loans to Canadian and U.S.-based companies, the bulk of which are in technology sectors. The firm also announced the hire of Ash Vaidya as a partner in its Silicon Valley office. Wellington President and CEO Mark McQueen was recently interviewed by PE Hub Canada.
Wellington Financial Launches $300 Million Fund V
Silicon Valley, CA, Santa Monica CA, and Toronto, ON (October 2, 2015) – Wellington Financial LP, a privately held specialty finance firm providing growth capital to Canadian and U.S.-based companies, is pleased to announce the launch of a new $900 million investment program.
Wellington Financial Fund IV, capitalized with $200 million of re-circulating equity capital in 2012, was a successor fund to three previous entities. Fund IV committed more than $225 million via 28 growth capital transactions over a 3-year period.
With its first close earlier this week, Fund V is already well on its way to reaching its “hard cap” of $300 million of re-circulating equity commitments. “We are honoured to have earned the sustained confidence of institutional investors, entrepreneurs and their venture capital partners,” said Mark McQueen, Wellington Financial’s President and Chief Executive Officer. “This new fund positions our firm to provide entrepreneurs with anywhere from $2 million to $40 million of growth capital per company. Entrepreneurs need comfort that firms such as ours can grow with them as their needs evolve, and this new fund can do just that.”
“Over the past 15 years, entrepreneurs and institutional investors alike have seen what true partnership looks like,” added Ken Rotman, Chairman of Wellington Financial and Co-CEO of Clairvest Group Inc. “The institutional limited partnership community appreciates our alignment of interests, which is why Wellington has raised over $700 million of capital since 2004 – more than any other innovation-focused fund in Canada during the same timeframe.” In 2014, Preqin named Wellington as one of the most “consistent performing fund managers” within its global data base of 128 different venture capital and venture debt funds.
Wellington also announced today the recent addition of Ash Vaidya as a Partner in the Silicon Valley office. Mr. Vaidya, a graduate of Cornell University, has a wealth of experience in the venture debt industry on both sides of the border. He joins Wellington’s existing California-based team of Paul McKinlay (Silicon Valley) and Eric Speer (Santa Monica).
“As venture debt firms come and go, Wellington Financial has proven itself to have the flexibility, reliability and staying power that entrepreneurs truly need,” stated Mr. Vaidya. “It’s all about reputation and experience at the end of the day, which is why Wellington has made such a positive mark on the American knowledge-based industry since it entered the U.S. market in 2009.”
Wellington Financial Fund V will continue to follow the same proven model by assisting both public and private companies with a demonstrated customer following, minimum of $5 million in trailing revenue, talented management and well-defined growth strategies.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture and amortizing loans up to $40 million. Wellington Financial LP is currently managing a $900 million investment program with offices in Silicon Valley, Santa Monica and Toronto. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to the Fund. LPs have included many of Canada’s largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
Wellington Financial LP
Tel: (416) 682-6007
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