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US Wellspring Capital Management closes $665m fund

New York-based buy-out firm Wellspring Capital Management has announced the final closing of its latest fund, Wellspring Capital Partners Fund III, at $665m. More than 50 per cent of contributions came from investors who had participated in Wellspring's previous funds.

‘We take pride in the fact our proven approach to value creation is appreciated by our existing investors and is gaining recognition among an ever-increasing group of highly regarded institutional investors across North America and Europe,' said Greg Feldman, a Wellspring founder and managing partner.

‘Despite the tough economic environment, we are confident that we can continue to identify quality businesses which we can help significantly bolster profitability and cash flow, and dramatically increase the value of heir franchises,' Feldman added.

Wellspring's latest fund is more than double the size of its predecessor, giving the firm in excess of $1bn of private equity under management. Wellspring typically invests in US and Canadian ‘old economy' companies with strong brand names. The firm does not invest in high technology, telecommunications or commodity-based businesses.

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