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Announces Appointment of Vikram Gupta as Partner and Opening of Third North American OfficeSAN FRANCISCO, CA,
SANTA MONICA CA, AND
April 3, 2013 /PRNewswire/ - 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'sSanta 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.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture and amortizing loans up to
$30 million. Wellington Financial LP is currently managing a
$600 million investment program with offices in
San Francisco 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 include several 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
SOURCE Wellington Financial LP