GLOBAL - The Private Equity Group of WestAM, - the global institutional investment arm of Germany's Westdeutsche Landesbank (WestLB) - has raised over $180m in the first closing round of its COREplus Private Equity Partners fund (CORE).
The fund is targeting $500m in commitments, and a second round is due to close in the later this year.
CORE will invest across the US private equity market including venture capital, middle and late stage financing, buyouts and structured finance, and aims to select co-investments, as well as consider European and Asian partnerships.
The fund has already identified several partnerships, including Morganthaler Venture Partners VII LP, Prism Venture Partners IV LP, Sovereign Capital LP III, and Advanced Technology Ventures VII LP. According to Donald W. Phillips, chief investment officer of WestAM's Private Equity Group, investor response was partly due to “a return to a market discipline and a risk/return philosophy that we have not seen since pre-1995.
The 'tourists', who were looking for the quick returns, have now gone from this sector. The serious, long-term investors understand the fundamentals of private equity investing and have realistic expectations about market returns.
WestAM currently invests $2.7bn private investments and has made commitments to over 100 partnerships. In February, 2001, the Private Equity Group also closed the $360 million Special Private Equity Partners fund-of-funds.
By Madhu Kalia
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